Australia has an especially bad inflation problem. So why are we only middle-of-the pack on the misery index?
Summary
Australia’s inflation is higher than that of other advanced economies surveyed, with consumer prices rising 4.3% in the year to September. But its stronger labor market places it around the middle of the countries compared on the “misery index,” which adds inflation and unemployment rates.Key Facts
- Australia’s consumer prices rose 4.3% in the year to September.
- The article says inflation in Australia is higher than in the advanced economies and the eurozone it surveyed.
- The Reserve Bank of Australia delivered its fifth interest rate increase of the year, according to the article.
- Economist Jonathan Kearns said Australia’s inflation problem is worse than that of other countries.
- Kearns said Australia’s unemployment performance has been better than in New Zealand, Canada, and Europe.
- The “misery index” adds inflation and unemployment rates to give a broad measure of economic strain.
- On this measure, Australia ranks around the middle of the countries compared.
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