SYDNEY, Australia—Shadow Treasurer Angus Taylor said Australians were currently suffering the consequences of big government.
“Inflation is the price that everybody pays for excessive government. It is a thief in the night,” he said in a speech at the Friedman Conference in Sydney on July 8.
Championing the late American economist Milton Friedman’s words that inflation was “always and everywhere a monetary phenomenon,” Mr. Taylor emphasised that big government inevitably drives inflation.
This idea was taken up by leaders such as Margaret Thatcher, Ronald Reagan, and John Howard to bring economic freedom to economies that were suffering from interventionist governments at their times, Mr. Taylor said….