OPINION: High commodity prices and inflation are reducing debts for Australia’s national coffers and young home buyers alike.
And they’re still raging in the early days of 2023, though the damage they’re causing is increasingly concentrated in gas and electricity prices.And energy prices are also central to the slowdown starting in our economy, given their corrosive impact on interest rates and on purchasing power.as it tries to limit their damage on all these fronts – on inflation, interest rates, growth, and the living standards of Australian families.Yet, economies are extraordinarily complex.
In fact, the same drivers that have led to better outcomes for the budget’s trajectory have done exactly the same thing for the finances of the nation as a whole.Yes, Australians are more indebted than ever before. However, that’s when we look at individuals. But when you tot up the financial accounts of Australia Pty Ltd as a whole, a different dynamic becomes apparent.Check out the chart.
And on the other hand, surging inflation – plus those strong energy prices – mean that national income has been on a canter as well.
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