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Inflation report highlights need for policy reform
31 Oct 2018 | Archive
The Australian Bureau of Statistics today released inflation figures for the September quarter. Headline inflation was below the RBA’s target of 2-3%, rising 0.4% for the quarter and 1.9% over the last year.
“While overall inflation might be low and certainly lower than the RBA would like, a 20%-plus spike in petrol prices over the last year adds to the costs of businesses grappling with some of the most expensive electricity prices in the world,” Adam Carr, Chief Economist for the Australian Chamber of Commerce and Industry, said today.
“Today’s report serves as a reminder as to why policymakers need to take urgent policy action to help businesses survive and thrive. Especially small and medium sized business who lack the power to pass on price increases to their customers.
“There is still much more work Parliament can do to help business, including short and long-term action on power prices, tax incentives for investment and access to the skilled workers they need to stay competitive.”
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