Economist says the government can't save us from rising cost of living | 60 Minutes Australia

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With economic ups and downs every other day, it’s not surprising that millions of Australians currently feel like they’re living in a giant game of snakes and ladders. On Wednesday a small drop in the rate of inflation was seen as a positive blip for people doing it tough. But sitting at seven per cent, the number is still way too high. Bringing inflation down isn’t difficult though. There’s a quick and easy fix.

The problem, however, is that homeowners with mortgages will suffer even more because interest rates must rise further. In about 48 hours the country will know for sure if the under-siege Reserve Bank has the mettle to tame the inflation beast, but in the meantime, Tom Steinfort reports, it might be wise for everyone to assume the brace position.

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For over forty years, 60 Minutes have been telling Australians the world’s greatest stories. Tales that changed history, our nation and our lives. Reporters Liz Hayes, Tom Steinfort, Tara Brown, Nick McKenzie and Amelia Adams look past the headlines because there is always a bigger picture. Sundays are for 60 Minutes.

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