Inflation is dangerous, corrosive and hurts people, RBA governor tells Senate estimates
As to the need for the record series of rate rises, Lowe said people “had forgotten” about the damage inflation causes to the economy since the last big bout 30 years ago.
“There is increasingly a demand element to the inflation,” he said. “We’re hoping that – we’re starting to see some evidence of this – that demand is moderating and the rate of increases in these areas will come back at the same time the supply-side problems will fix up as well.” Lowe conceded that wage increases had so far been low. But he would continue to draw attention to the risks “not because I’m overly worried about that at the moment” because of the costs should a wage-price spiral begin.
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