Ever since inflation started its upward spiral in 2021, many, if not all Australians, have felt its impact to some degree or another.
Inflation has been a buzzword among Australians since 2021 when the economy started experiencing an upward spiral in the general level of prices of goods and services. This phenomenon has caused a decrease in the purchasing power of the Australian dollar, affecting the daily lives of many citizens.
Every Australian, regardless of their social or economic status, has felt the damage inflicted by inflation. The extent of the impact, however, may vary from one individual to another. For many, everyday living expenses such as groceries, fuel, and other basic necessities have noticeably increased. With wages not keeping pace with the rising costs, households are finding it increasingly difficult to make ends meet.
For homeowners and those with mortgages, the impact has been different but no less significant. The increase in the cost of materials and labor has led to a surge in property prices and rent, making it harder for first-time buyers to enter the market and for renters to afford their leases.
Businesses, irrespective of their size, have also been on the receiving end of this economic shift. The rising cost of raw materials, transportation, and labor has squeezed profit margins, forcing many to either cut back on their operations or pass on the cost to consumers, which in turn fuels the inflation further.
Even the wealthy Australians haven’t been left unscathed. While they may not feel the pinch as acutely as those in the lower income brackets, the higher inflation rates have eroded the value of their cash savings and investments.
In the world of education, students and their families are grappling with the rising costs of tuition, textbooks, and other related expenses. Similarly, healthcare costs have also risen, making it harder for many to afford quality medical care.
To sum it up, ever since inflation started its upward spiral in 2021, no Australian has been immune from its impact. The extent of the effect might differ from person to person, but the fact remains that everyone, in some way or another, is feeling the sting of the rising costs.