Inflation in Australia - statistics & facts
Australia, like much of the world, is experiencing soaring inflation rates and a rising cost of living. A turbulent few years saw the world brought to a standstill from the COVID-19 pandemic and a new war in Europe following the Russian invasion of Ukraine, both of which caused extensive issues with the global supply chain, Australians also had to contend with rising interest rates set by the Reserve Bank of Australia (RBA) in early May of 2022 in order to combat the growing inflation rates. It was the hope of all Australians that 2023 would bring about economic stability.
While the rate of inflation and the Consumer Price Index (CPI) have dropped, there has been no relief for homeowners, with the RBA raising interest rates once more to a level not seen since late 2011. This in turn has caused the rent price index to go up, as property owners struggle to meet mortgage repayments and pass the rising costs on to the renting tenants, many of whom have noticed a significant increase to their rents.
How has inflation developed in Australia?
Come 2023, and there has been some positive movement for the economy. The rate of inflation in Australia has dropped, though it is still a cause for concern for the Australian public. High interests rates have placed many homeowners in severe financial strain and the cost of living is still rising and the wage growth is failing to keep up, making it more and more difficult for households to make ends meet.While the rate of inflation and the Consumer Price Index (CPI) have dropped, there has been no relief for homeowners, with the RBA raising interest rates once more to a level not seen since late 2011. This in turn has caused the rent price index to go up, as property owners struggle to meet mortgage repayments and pass the rising costs on to the renting tenants, many of whom have noticed a significant increase to their rents.
