Taxpayer-Funded Rebates, Public Transport Subsidies Drive Inflation to 3-Year Low

Inflation in August has dropped to its lowest point in three years. According to the latest figures from the Australian Bureau of Statistics, annual headline inflation fell to 2.7 percent last month, down from a 3.5 percent increase in July. This marks the first time since October 2021 that inflation has entered the Reserve Bank of Australia’s target range of 2 to 3 percent. The figures come after RBA Governor Michele Bullock indicated on Sept. 24 that taxpayer-funded relief measures would bring down headline inflation. Freebies at Work In July, residents across Australia benefited from substantial reductions in their electricity bills as part of government’s $75 energy rebate announcement. As per ABS data, it resulted in an overall reduction in electricity prices of 17.9 percent....