Inflation Soars and Slows in 2023 While Debates on Causes, Interest Rates, Growth Continue
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Inflation was a major topic in 2023, rising to 8.4% before falling back down to 4.9%. However, price increases still impacted people due to lack of wage growth.
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Interest rates rose significantly as the RBA tried to curb inflation, putting pressure on household budgets.
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There is debate on what caused high inflation - corporate profits or consumers having too much money.
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Unemployment remains low but is slowly rising as RBA policy aims for maximum employment without triggering inflation.
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Economic growth in 2024 is expected to be low, and debates on tax cuts, inflation, RBA policy will continue.