Labor should have taken global inflation as seriously as the GFC
If the government had taken politically difficult, belt-tightening decisions 2½ years ago to help lower inflation and interest rates, Australians’ living standards would be better today.
Over the coming months, the government will try to convince the Australian people that it is not to blame for the unprecedented 8 per cent decline in living standards they have endured since it came to office.
While it’s true they aren’t entirely to blame, it’s also true that had they taken the initiative 2½ years ago, Australians would be in a far better position today.
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Steven Hamilton is assistant professor of economics at George Washington University and visiting fellow at the Tax and Transfer Policy Institute at the ANU.
