Assistant Minister for Competition and The Treasury Andrew Leigh says Australia has an inflation problem because of “busted supply chains” and the war in Ukraine. “The government's working hard on the supply side, the Reserve Bank on the demand side, and together economists believe that inflation will be back in the target band within a couple of years,” Mr Leigh told Sky News Australia....(read more)
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Australia is currently experiencing a period of elevated inflation, which can be attributed to a variety of factors. Two key contributors to this issue are busted supply chains and the ongoing war in Ukraine. Supply chains are the backbone of global trade, forming the networks that enable goods to be produced, transported, and sold. However, the COVID-19 pandemic has severely disrupted these chains, leading to shortages of key inputs and causing prices to spike. Furthermore, recent geopolitical tensions – such as those between the United States and China – have further strained supply chains, making it more difficult for Australian businesses to access the products and services they need. One sector that has been hit particularly hard by these supply chain disruptions is construction. The cost of building materials has skyrocketed in recent months, making it more costly for businesses to build new infrastructure and homes. This has in turn pushed up prices for consumers, making it more expensive to buy property and driving inflation even higher. Another factor contributing to Australia’s inflation headache is the ongoing conflict in Ukraine. This conflict has led to a number of economic sanctions being imposed by Western countries, which have in turn disrupted global supply chains and caused prices to rise further. Specifically, many of the goods and services that Australia imports from Europe have become more expensive as the result of these sanctions, which has had a knock-on effect on prices across the entire economy. Clearly, Australia’s inflation problem is not simply the result of one single cause. Rather, it is the product of a complex set of circumstances, including busted supply chains and geopolitical tensions, that are working in tandem to drive prices higher. While there is no easy solution to this problem, policymakers must work to address the underlying causes of inflation in order to ensure that the Australian economy remains stable and prosperous in the long term. https://inflationprotection.org/busted-supply-chains-and-conflict-in-ukraine-contribute-to-australias-inflation-issue/?feed_id=105078&_unique_id=647fa0af9e153 #Inflation #Retirement #GoldIRA #Wealth #Investing #6328523628112 #Australia #business #fb #Finance #msn #yt #InvestDuringInflation #6328523628112 #Australia #business #fb #Finance #msn #yt
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