Australians are poorer because of war on the other side of the world – Michele Bullock’s logic is hard to fault

In sobering comments, the RBA governor forecasts economic malaise due to the global fuel shock. Not recession but higher prices, lower growth and wages that don’t keep pace with inflation

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As far as rallying cries go, Michele Bullock’s “we are poorer, and there is no way out of that” leaves a lot to be desired.

It’s not going to win you any applause, particularly when you’re the governor of a central bank that has just announced a third rate hike.