Commentary
The economic news of the last couple of weeks in Australia is bleak at best and demoralising at worst. The skyrocketing prices of energy, meat, vegetables, and petrol have led to big increases in the cost of living.
Vegetables have increased by 6.1 percent, and beef and veal have increased by 8.1 percent. Petrol prices remain at historically elevated levels and have gone up by a whopping 32.3 percent.
Australia is now experiencing a serious cost-of-living crisis. Prices are increasing much faster than wages, which are not much higher than in 2013. It is especially tough for Western Australians, where inflation in the state reached almost six percent while wages only grew at two percent….