Australia’s inflation ‘higher’ than what was anticipated

Sky News Business Editor Ross Greenwood says Australia’s inflation is “higher than what it was anticipated to be”.
Mr Greenwood said it has led to many people suggesting the Reserve Bank of Australia will “delay interest rate cuts” until sometime next year.
“The interesting thing for government right now is to whether the first interest rate cut will eventually come after the time of the next election.
“Because you’ve got some sense that maybe the timing of that first interest rate cut might’ve come when the election was going to take place.”
Mr Boyd joined Sky News host Peta Credlin to discuss concerns of the government’s tax cuts potentially adding to inflation.

[@emcats84]

No one is shocked except the "experts".

[@jaysmith3361]

People no longer complain at the supermarket checkout - they just quietly cry.

[@Deano00777]

Remember when people were sitting at home and getting $750 a week to do nothing. All that money now needs to be reigned in.

[@briananderson7285]

Exactly.

[@batmanlives6456]

And I was at work keeping the lights on … My job never stopped

[@Rexhunterj]

Friendly reminder that 70% of the welfare budget for citizens goes to the retired pensioners, our tax system is being collapsed under over 70 year olds and 60 years who retired before the change to 72yrs. I forever get angry as a disabled job seeker who hasnt had an interview in 10 years because Indians and Chinese take the IT jobs from the locals for cheaper, every time I see the budget and look into the welfare section, the unemployment section is always growing every year but the elderly pension is growing much faster and they get more money than job seekers do. Eg; I get about $700 a fortnight to pay rent, utility and buy food/household goods. My great aunt who has millions of dollars of asset investments (properties, cars, a shed of thousands of power tools her husband used to use a few years go) she sits in a night gown at the ripe old age of 77 and eats DEB potato as a type 2 diabetic, meanwhile she will say with a mouthful of that salted slop "You youth just dont work hard enough" Kay. Meanwhile she flashes her Centrelink pay slip, she gets $1100 a fortnight, she lives in what I'd say is a mansion with 5 bedrooms, 3 bathrooms a carport for 4 cars, a garage, the property itself is so large you could build three more of that house on it, she also has a pool. I dont own anything but the computer I carry around with me to my new rentals, But the $750 payouts are what is crushing this country :) totally not the pension that politicians and rich old people get that they do not deserve or need. If you earn over 100,000 a year and you're taking benefits, you're a crook.

[@southern-samurai]

​@@Rexhunterjdon't people contribute to Super anymore? Relying on the pension after a full career is just entitled incompetence.

[@grumps8015]

@@batmanlives6456#coalforever 💪 me too, no handouts or thanks for us 😂😂🦠👽👽

[@DaveGamesRoom]

$1 billion into US super computer… this government is insane.

[@LilyWhiteAkAConspiracyRealist]

You said it! There are a lot of BIG PLAYERS/investers here… darpa, microsoft, blackrock, US and so many more … the computer will control our luvs via money, health and energy 😵‍💫

[@xbgtjg66]

they gave the french gov 1B to look at some sub plans

[@momaslilboy1781]

I've heard that one, it's called quantum computer. Which is wtf is that? Does it run in Windows 12 or Mac? Is it powered by nvidia 4000 series? Why does it cost a billion dollars? What does it do?

[@LilyWhiteAkAConspiracyRealist]

@@momaslilboy1781This thing has the power capacity of processing millions and millions of processing at the one time. It calculates and they say by modelling can “predict outcomes and possible futures” … scary stuff! It can control, monitor and manage our money, electrical supply and all aspects of health… BIG MONEY PLAYERS… sounds like a nightmare! Military implications too! Have a great long weekend and tell your family every day you ❤️ them 🤗

[@relaxedmuffin3666]

It's just money laundering, there's no super computer.

[@paddlesmcbean2366]

My mortgage just went up 4 times as much as I’ll get from the tax cut. Don’t forget that labor got rid of the $1500 rebate for low to middle income earners plus they increased the fuel excise from 23 cents per litre to 49 cents per litre, plus too many other taxes to mention.

[@umaddotjpg7772]

My power bill went up 4 times since the same time last year. From $350 to $890 and I used LESS electricity than last year. All in an effort to try reduce my bill. So much for that. This government is destructive. These 2 years have been an ongoing horror movie

[@vincentcacciola7161]

It's called a burnout economy RBA foot on the brake and the government spending like drunken sailors hilarious

[@Martin_Priesthood]

🤣😂😂🍻🍺🍻🕺🕺🤕🤒

[@paddlesmcbean2366]

I’m not finding it too funny.

[@Martin_Priesthood]

@@paddlesmcbean2366 😳🤒🤕. It's like having a small amount of money then you go to a fancy restaurant instead of buying groceries

[@reddysteddy2195]

Stagflation, the worst outcome for an economy aside from depression

[@Martin_Priesthood]

@@reddysteddy2195 and recession

[@murrayslee911]

ALP giving some people $15 a week while picking your pocket for hundred's of $s in electricity bills and flow on costs of living.

[@kane-vn6bn]

if you voted labor. this is your fault

[@paddlesmcbean2366]

Or greens or teals.

[@DaveGamesRoom]

100% my mistake voting for Labor… never again!

[@moparmadman1134]

I didn’t want Venezuela that’s why I didn’t vote for any communist

[@Rexhunterj]

If you vote for LNP, ALP, Greens, Libertarians and Democrats, this is your fault. 30 years of life I've watched this country degenerate because the wealthy upper middle class and upper class look down their noses at those who earn less, been this way in Australia since I was born. The teals are bought out and send their votes to the uniparty, there are no parties who do not defer their votes to a part of the uniparty. There are no options to vote to fix this country. The time has come to demolish Parliament and build it anew with new systems and new governors, the old ones can have their wealth and power stripped from them and put back into the Australian treasury, there's no reason a politican should earn more than an office worker or a tradie

[@marcmc2873]

They are all the same

[@Jack-qk3xv]

How dare the people keep sightly more of their hard earned money. Albo knows how to spend it better, right?

[@joshuasinclair4463]

Here-here! Don't people understand that living just over broke week to week is a luxury? Could you imagine if John Howard actually followed through on his promise of abolishing income tax and just leaving Aussies with GST? PEOPLE WOULD ACTUALLY HAVE SAVINGS AND PROSPEROUS INVESTMENTS! Ludicrous I tell you!

[@wyattfamily8997]

With a Government that spends more money than we have ( borrowed money) who would even be surprised. We are currently $ 894 BILLION in debt which is expected to pass $ 1 TRILLION within 12 months. We are screwed by incompetence.

[@briananderson7285]

Never forget that inflation is a tax, and who collects taxes?

[@Rexhunterj]

Incompetence? This isn't someone making mistakes, this is calculated, an effort to extract every last dollar from the people and turn the middle class into the lower class so they too can work as slaves like us low-income earners. Enjoy life on our side, must have been nice stepping all over us to pretend the middle class can exist with an upper class sucking everything dry.

[@petersanders2815]

And most of that debt was incurred whilst the Libs were in charge. Labor has actually reduced the debt a little by balancing the budget. Not that they’re good at much else,but at least the debt hasn’t got any worse with them in charge. Scommo and his trusty sidekick Freidenberg spent like drunken sailors.

[@michaela5311]

@@petersanders2815 yeah both parties are shockers. Both no doubt lining their own and mates pockets

[@Harve955]

Yeah $15 a week will make a huge difference to Inflation about as much difference as it will to our ability to pay the bills I.E None

[@bones8961]

True but in total it's big money and it's inflationary.

[@alank616]

Yeah don't spend it all on mixed lollies , save some for a rainy day 😂😂😂

[@Harve955]

@@alank616 or pay an existing credit card debt or other bill either way for 99% of people it won't be spent.

[@batmanlives6456]

Does that surprise anyone? Labor voters … This is what happens… Green voters … shame on you !

[@moparmadman1134]

Venezuela here we come

[@michaela5311]

To be fair they have tried the occasional go at good policy and it wasn’t supported. Super mining tax and repel of negative gearing…they still have done a crappy job of it. I could have cut better deals than both sides when the tax paying public subsidised the banks during the GFC and Covid. Bunch of clowns they are.

[@NinjaKuma]

Labor SCREWED the middle class by cutting the stage 3 tax cut for higher earners, so now LESS is available for people, so guess what? RENT RISES!!!!

[@jarrodkunjka]

Haha. Whinge harder! Stage three tax cuts allowed me to investment more

[@Rexhunterj]

Leasers raising rent is why the youth have no hope, no home and won't fight for this land. Open your eyes Gen X and Boomers, look at what your greed has brought to our nation, under 30s will NEVER own their own home.

[@james-vs9gx]

Supply crunch from immigration caused rent increases. Keep educating yourself

[@kane-vn6bn]

@@james-vs9gx you are both right

[@user-uy8iy5nh1j]

You think there is a 2 party system? Wake up ffs

[@witsend008]

I , retired , keep a daily rolling account of the cost of our small household. Without any material change in our lifestyle our living costs as per 2nd of May 2024 have increased 17.10 % compared to the same period in 2023. ( 307 days ) .We have no mortgage and are totally debt free. The increase of debt servicing does not apply , otherwise the increase of the cost of living would still be higher. My heart goes out to young families with kids.

[@kurjan1]

Same. I did my calculation 1st January, as I do every year and got a figure of 18.72%.

[@briananderson7285]

Inflation is around 13 to 16% when working with the old system.

[@unclebuck8558]

So let’s understand this correctly At no time has the “expected” been the outcome, yet we continue to let these people tell us what will come ???

[@jjsc4396]

Gee....no one didn't see that coming 🙄

[@momaslilboy1781]

my tax return last year was $100 and I had to pay the accountant $110.

[@nigelbarry4048]

As a consumer I can say that inflation is way under reported, I’ve seen increases of 50 and 75% on many item at Woolworths over the last year.

[@bigsaggy]

That's just greed

[@UziMusic]

That's not inflation though, that's price gouging

[@IB4U2Cme]

Taxes and inflation are kin of the same breed. There is no way tax cuts are inflationary unless the government is printing the money. A tax cut apart from a cut in spending is just a deferred tax.

[@reddysteddy2195]

They need spending cuts, not just tax cuts.

[@kurjan1]

Interest rates in Australia should be between 6-8% right now and instead of tax cuts to employees, there should be interest rate and tax incentives for Australians to build businesses, particularly in manufacturing.

[@reddysteddy2195]

There needs to be spending cuts, most of it is wasted. We need our own Javier Milei.

[@Rexhunterj]

@@reddysteddy2195 We also need to make land/homes not assets so the youthful generations have a hope of attaining a home. I dont care if you spent your life getting that house as an investment, I dont want to live on the streets anymore.

[@reddysteddy2195]

@@Rexhunterj if they're not assets then there'll be nothing for anyone to rent. Property is about the only semi-decent investment we have in Australia. We should be removing all foreign ownership, like basically every other country on the planet. There are currently 1 million empty houses here, mostly owned by foreign people and entities. We need to stop that.

[@richards8718]

RBA has no control of interest rates it is dictated by the USA FED and they may lift rates not down.

[@nancyhodson6270]

Most people will not be going on a spending spree with an extra $15 per week. It will only be put towards food or electricity bill.🤦‍♀️

[@sophrapsune]

Tax cuts do not put any additional money into the economy. They transfer spending to consumers and away from government, with zero net effect. The real problem is that consumers must operate a balanced budget, whereas the Albanese government will spend like a drunken sailor no matter what their tax take is. Tax cuts won’t affect interest rates, but the Albanese government’s ill-disciplined spending certainly will.

[@markusmon1978]

People are spending more money cause everything is up . But greedy companies making massive profits and how is this fair for people and say inflation is up. Look at petrol and diesel costs it’s not the people it’s the oil and government profits

[@clintonwatters1615]

Absolutely ridiculous,totes surplus there isn’t one

[@rogermckinnon5738]

The joys of living under labor. It's never changed

[@philmelb1022]

Bring those interest rate hikes more interest on our savings.

[@adiintel1]

but what about the over leveraged?

[@philmelb1022]

@@adiintel1 they should have thought of that. Like I did on the past.

[@mammon8915]

Banks should instead use the extra money on capital expenditure and acquisitions, so that they can increase dividend payouts to shareholders.

[@rhiannonfaithful7820]

We are just blindly following America, our leader.

[@connorduke4619]

Folks, you can either have a rich economy or a net zero economy, but not both at the same time.

[@JJ-mc8lu]

Everyone on the street knows inflation is way above the advertised rate. In my world inflation is running over 10%. Having more money will only increase inflation.

[@slipstream4572]

look at gold? inflation is more like 19% per year over the last five years (post covid gold is worth 95% more vs cash)

[@rw-xf4cb]

the bag of goods used to calculate inflation has been shrinking quicker than a Dominos pizza. It will eventually be based on a bar of black and gold plain soap to keep the CPI down around 1% per annum.

[@buildmotosykletist1987]

Investing in PsiQuantum is like investing in Thorium or Fusion reactors, it is a gamble.

[@marcmc2873]

Inflation ? Can barely afford food

[@user-um4ub1zv9l]

When will people learn that labour doesn’t look after the labourer

[@user-dc7ud4vr1w]

NASA already had a quantum computer which they had to shut down due to unusual behaviour that NASA couldn't explain

[@Markdoesntsparkle]

Yeah printing a billion dollars and sending it to Ukraine isn't adding to our inflation, but giving Australians back a few dollars each week will. Where's people's rage??? It's the government and the rba that has intentionally done this to us.

[@LilyWhiteAkAConspiracyRealist]

Oh really! Maybe the large number of “new people” arriving and the need for household items might be a player 🤷‍♀️

[@sandponics]

Bye bye superannuation. I own my house outright, have everything I need, and grown my own food, so you can all go and get stuffed.

[@wyndhamhewlett8223]

Hahaha Hahaha FUCKING FUNNY!!! SPOT FUCKING ON I COULD SEE THIS SHIT FROM THE UTTER BOLLOCKS IN 2020,, FROM AN DAIRY FARMER UK,, TOTALLY AGREE WITH YOU THEY CAN GET FUCKED!!!!!

[@user-lo3eu9it2b]

do you have ev and solar?

[@Rexhunterj]

@@user-lo3eu9it2b We dont need an EV, we're not like you consumers who NEED a car, NEED a job as a corporate slave, NEED to get on a train, etc. We've chosen to abandon you wage slaves as you chose to abandon us despite our warnings for years and years. Suffer.

[@thearchitect9737]

gee thanks mate

[@bigsaggy]

Hell yea. Mines bye bye flash house with a down size n telling the system I no longer participate

[@DJ99777]

I’m really feeling this video deep within my loins.

[@briananderson7285]

Inflation is around 14% if you use the old system. High inflation in a period of recession causes stagflation.

[@billybloggs3214]

Inflation is what I expected. 5%=12% Nuff said 🏌️‍♂️

[@robp3017]

Could always do the unthinkable and use the extra money to pay off personal debt.

[@thylacine1004]

700k of immigrants dont help.....

[@annonomys4788]

Why do the experts still refer to inflation as the price of items. Inflation is the money put into circulation by the government. The price of items is the symptom. The sooner people realise this the better. Your government is inflating the amount of currency which causes the currency to lose value, hence everything goes up in price.

[@graememcdonald5121]

Labor are so good at running a business and they tell us by giving companies lots of our tax money 😡😡

[@xbgtjg66]

whats the computer used for?? digital ID

[@gardenwaster]

This reminds me of "Dan's Super Computer", that worked out well.

[@tipenelee]

Dumb dumb dumb !! Pour more money on the fire lol

[@nicksalta]

anybody expert or otherwise that actually believes a rate cut was coming this year needs their head read

[@anitacohen8753]

They are already doing a good job at getting it back!!!

[@user-uy8iy5nh1j]

Really. Wow Im shocked. I thought all these high prices were just a sign the economy was doing great

[@Albolf]

Imagine that, a per capita recession and inflation at the same time. We really can do difficult things at the ALP.

[@lesleyosborne9319]

Quautum physics is, the ENTIRE Universe is run on a Quatum physics level. Subatomic levels and Frequencies holding the Universe together. Its amazing. Including the Fabric of Time.

[@bign1667]

Computer says No 😂

[@brettmitchell1777]

Interest rates going up hard after November in elections in America.

[@thearchitect9737]

meh, at the point now , just to eat, i have to risk prison time, least its 3 meals a day and free accomodation, might just have to get caught

[@baasheep4188]

Mute when talking about American 😂😂

[@robdimasi2758]

That computer is evil,it will take over

[@StarlightWorkshop0z]

I want off this rickety side show ride.

[@buildmotosykletist1987]

Then go. Or vote more carefully.

[@jerrywong5960]

More debt. More migrants. More money helping China. Of course, higher inflation. 255 for petrol.

[@TotalHunter]

😂 who would of thought🎉 albo is in denial

[@daz5138]

No Shit

[@paulboakes3680]

They are bleeding us white to pay for their mistakes

[@gullybull-rx2ng]

NO SHT SHERLOCK

[@user-yw1rp4rj4u]

Prices increase as consumption falls.. It is simple mathematics its 1000 hamburgers at one dollar is now 500 hamburgers at two dollars. People cut back on hamburgers because greedy bankers are increasing interest rates. Engineering price increases.

[@bones8961]

Many need a helping hand but not at the expense of even higher inflation, which would tip some over the edge.

[@SJ-ef4pv]

Need a rent drop.

[@frankcavar1689]

Well leadership is the one contributing toward inflation every action has a equal reaction

[@mamorgansnutrimetics]

my tax last year 2023 was $750 every other year it has been above $2,000 tax return. Sydney-Australia.

[@zenFereti]

Stop pushing housing up to make your gdp better start building the country properly instead of quick money grab

[@kathyjova98]

It is also higher than advertised by the government.

[@Rexhunterj]

Same as the unemployment rate, they've lied about it for over a decade, it is in no way close to 4-5%, I've not had a job for 10 years, that's 10 years of trying to apply for a job, writing CVs and cover letters, reaching out to old references and so on. Not even a single interview reaches me. I did get one interview in the last month, it was for an APS3 government role, they said they would contact us 2-3 weeks after the group interview with an email either way saying we were accepted or not. I have not received that email and we're getting into the fifth week now, they also only contacted 3 of my four references right after telling me via email that two of them were not valid for random reasons. There are a great number of unemployed people who are homeless and if the government counted them in the statistic the percent of unemployment would be closer to 10 or 15%, the reason they stopped counting homeless unemployed people is because if you are homeless or unemployed, you will quickly become the other one, employment is needed to keep a home in Australia, a home is needed to keep employment in Australia. The government won't even give centrelink benefits to Australian citizens in need if they do not have a HOME RESIDENTIAL ADDRESS, I had to trick the goverment when I was homeless into sending mail to a friend while I lived on the streets to get any money to get off the streets.

[@thedudebro168]

The rates have to go up. Negative gearing must be scrapped. Immigration needs the net zero touch

[@dr.vaheed6558]

Australia should look forward then selling raw ore !

[@user-tb9ml6mz1v]

They have wrecked Sydney everyone in boarding houses and share houses most people leaving Sydney cause it's to expensive nurses and policeman renting all there lives it's a disgrace. Bob Carr is loaded he put pokies in pubs in 1997 he's a real grub.

[@Rexhunterj]

Can't even defend ourselves from a religious attack either, and if we do get attacked, they'll cover it up as misinformation and bully an online platform for showing it.

[@AH-gt4eq]

Inflation higher for longer!

[@MrRyan83]

cuts will come in a major crash. not sooner

[@01p45]

yeah because we keep printing money for ukraine etc

[@sergueimikhail9654]

Of course, it is. If the interest rates continue hurting investment, prices will grow fast and faster😊

[@auzzieredneck1850]

Imo the cause of high inflation is Cole’s/woolworths price gouging Along with energy suppliers 🤔🙄 Gas & electric etc etc everybody wants more And let’s not forget brilliant government spending 🤣😂🤣😂🤣

[@sammohis]

Everthing they are saying about inflation is all wrong. Just revert the rates to back in was before the rise and see the inflation will vanish on its own. So called economic reports are wrong as price gouging and rising insurance costs are the reason behind this. First they need to fix that and not hike the rates without their homeowork. The situation became worse after RBA rate hikes. Small business closing shops Families struggling to pay the mortgage and is under bad credit ratings( thanks to rate hikes) they all now carry the red mark of Hardship Job cuts as business can't afford the high pay Renters cannot find property that is affordable New home buyers cannot buy as they are now asssessed at 9 or 10% Most of all construction industry in worst position and is majorly because of rate hikes This is all a result of RBA rate hikes and the situation will only worsen further if the rates are not brought back to the rates before the hikes. If people don't walk down the streets and protest rate hikes, they will need to just sit at home quietyly cry while all other sweep their hard earned money from their savings and leave them to struggle during unexpected crisis. Its time now to raise your voice against the rate hikes.

[@debe-ol6cg]

Who can even afford insurance nowadays? They're all reminding me of my junky ex on payday($centerlink). The only time you see them awake and happy.😊 I mean they got the same look on their faces when they talk about their billion dollar gambles as my ex when his given over $700 p/f for drugs and gambling! It's all about gread when they don't have to worry about paying rent n bills!. (Ex lives wit his mum) 🙄 they all make me 🤢 plus what's this about the latest 'sanctions on China n un sanctioning Russia?' 🤯 Australia 🇦🇺 is only one step behind what America's going through with inflation and homelessness everywhere. 🧐 =2much 💵 💰 in wrong hands 🤷‍♀️ Lord help us 🤔

[@bigsaggy]

You seen something in him

[@debe-ol6cg]

@@bigsaggy I'm sure you mean the X yeah thanks for your concern, obviously is a liar and a thief and turns out he's a narcissist aswell. Oh well you win some you lose some. I'm sure we've all experienced that at some point. 👍 cheers mate

[@futuretechx5754]

Financial guru, really

[@buildmotosykletist1987]

YES

[@anitacohen8753]

Oh dear! Jimmy is a changed boy! No more smiles while he is delivering the bad news. After returning from overseas, we learn that Australia's financial situation is tied to what happens there. Pay more you bastards....did you think "pissant" rises of 0.25% would do anything?

[@hannesRSA]

Solution: screw over the 5% who happened to buy on an 80% mortgage recently... Sound logic.

[@Rexhunterj]

Partaking in the homes are assets system is why we're all suffering.

[@andrewmckay2118]

Yea spending it on over priced food, energy and rents but the boomers will be living it up. On the high intrest rates. Eating well.

[@Waters-fo6rn]

Most boomers are not eating well or living it up because not all own their own home or have sufficient saving to generate even a modest income. I bet your'e one of the people who decry pensioners getting a raise. Try livng on that pittance friend Mind you it seems to matter not what class of citzens a person is, everybody is struggling & with current Govt policies is only going to get far worse

[@andrewmckay2118]

@@Waters-fo6rn yea bud they did f all and you know it that's why you're triggered bud they all have a house 10 x there super and assets and now every one else can eat cake. Fuck you.

[@andrewmckay2118]

@@Waters-fo6rn you 10 x your house over 50 years and your super and where supposed to believe your all poor.

[@andrewmckay2118]

@@Waters-fo6rn your full of shit boomer

[@kevintunnicliff7674]

So exciting. Then they can get this AI to to optimise all the internet. Then run the factories to slimline running the factories making robots. They could even get it to develop a fighting robot, the project could be called the T1000. Yes we should be really excited.

[@ElarMack-ci1of]

Jim Chalmers believes having inflation is like a car tyre. More inflation makes it better, not enough and you feel the bumps. Perhaps he should be called Charmer with his deceitful smile, and false wrods and No Idea!

[@user-in1dx3pp5u]

With inflation WHO stands to gain the most ? big time. The 5 essential services.Thats who they enjoy it embrace it Encourage it $$$$$ Money money OURS goes to them

[@user-pp7yv7qu9f]

Wow so the government are making you scared to keep your own money now 🤔 😂😂

[@my2cents198]

Inflation 😂😅 call it what it really is , GREED . Everyone just adding more dollars to everything and saying " its cause of Inflation "... i call BULL 💩💩💩

[@StarlightWorkshop0z]

Ty for your honesty

[@theend9494]

my home insurance just went up 25% today

[@user-pu7iu3qo5g]

Oh thats why Austal forced us to hand over our small share holdings they knew about this scam for a year aha