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Australia’s new inflation rate of 6.1% hasn’t been topped since December 1990, when we slid into recession.
John Hawkins explains that the Reserve Bank’s task is to push interest rates up to the point at which they bring inflation back down, but not so much that we end up with a repeat of 1990.
Nevertheless, inflation feels higher even than its current high-water mark of 6.1%. The Bureau of Statistics calculates a separate measure for “non-discretionary” inflation – inflation in the prices we can’t avoid paying. Those prices climbed 7.6% in the year to June, up from 6.6% in the year to March.
Treasurer Jim Chalmers and his department were busy updating their spreadsheets after yesterday’s release to slot in the final numbers they will use for today’s economic statement.
Michelle Grattan reports he will tell parliament economic headwinds have sliced half a percentage point from projected growth for the financial year just ended, half a percentage point from projected growth for this financial year, and half a percentage point from projected growth next year.
And finally, a correction: yesterday’s newsletter said “Environment Minister Tony Burke will introduce legislation to enshrine an emissions reduction target”. As several sharp-eyed readers reminded us, the Environment Minister is Tanya Plibersek, and the legislation was introduced by Climate Change and Energy Minister Chris Bowen. My apologies.
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Peter Martin
Section Editor: Business + Economy
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John Hawkins, University of Canberra
Inflation has hit 6.1%, and the rate of inflation on necessities is 7.6%. Bringing it down will require still higher interest rates and exquisite judgement in order to avoid a recession.
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Michelle Grattan, University of Canberra
Treasurer Jim Chalmers will tell parliament on Thursday that estimated growth has been cut by half a percentage point for last financial year, this financial year and next year.
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Mark Kenny, Australian National University
As Jim Chalmers prepares to deliver grim news on the economy, he will choose his words carefully.
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John Quiggin, The University of Queensland; Flavio Menezes, The University of Queensland
Our research provides no support for the existence of a wage-price spiral. That means is no case for cutting real wages to fight inflation.
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John Quiggin, The University of Queensland
Labor won’t concede to the Greens’ core demands on the bill, but a climate “trigger” on new developments could ensure the bill has real force.
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Norman Duke, James Cook University
This event was the world’s worst incidence of mangrove tree deaths in recorded history. These photos show the devastating scale of this disaster.
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Michael Toole, Burnet Institute; Brendan Crabb, Burnet Institute
In the first two years of the pandemic, Australia’s COVID elimination strategy was among the most effective in the world. Now we rank second in the world for the most cases per capita.
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Jane Goodall, Western Sydney University
The stakes are too high for business as usual on the flagship program
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Stefan Hajkowicz, Data61; Claire Naughtin, Data61
Climate adaptation, digital transformation and geopolitical shifts are among the ‘megatrends’ Australia must navigate to thrive in the coming decades.
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Clare Corbould, Deakin University
A new book about George Floyd, the grandson of sharecroppers, murdered by a police officer in 2020, is a moving work of reportage and activism.
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Politics + Society
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Maria O'Sullivan, Monash University
Artificial intelligence is developing quickly, and Australian law needs to catch up.
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Andreea S. Calude, University of Waikato
The grammar of persuasion can be subtle – but pro-lockdown tweeters tended to be more direct and less conciliatory than those they opposed.
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Health + Medicine
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Freya Shearer, The University of Melbourne; Catherine Bennett, Deakin University; Hassan Vally, Deakin University; James McCaw, The University of Melbourne; Nick Golding, Curtin University
Just because a variant spreads faster, it doesn’t necessarily mean it has a higher R0.
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Science + Technology
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Mohiuddin Ahmed, Edith Cowan University; Paul Haskell-Dowland, Edith Cowan University
One Medical provides primary healthcare services to people across the US.
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Environment + Energy
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Adam Frew, University of Southern Queensland; Christina Birnbaum, University of Southern Queensland; Eleonora Egidi, Western Sydney University; Meike Katharina Heuck, University of Southern Queensland
The new State of the Environment report shows Australia’s soil and the life it holds is in poor condition. We need to protect our underground biodiversity.
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Susan Hazel, University of Adelaide; Julia Henning, University of Adelaide
Digging is a natural and important behaviour for cats – trying to interrupt it may cause stress and confusion for your pet. But if your cat is kicking litter everywhere, here are a few tips to try.
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Arts + Culture
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Julie Shiels, RMIT University
Their modernist interpretations of Australia in the interwar period have both a complexity and a simplicity.
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Books + Ideas
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Ramona Vijeyarasa, University of Technology Sydney
Four different female presidents led three Asian nations in recent decades. What does their legislative record tell us about the impact women leaders can have on women’s lives?
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Business + Economy
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Andrew Stewart, University of Adelaide
Abolishing the Australian Building and Construction Commission may end up empowering the Fair Work Ombudsman to investigate alleged union misbehaviour.
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