Australia election 2022: Cost of living worries voters
Voters will head to the polls on Saturday in Australia with rising prices on their minds. The cost of living in Australia is at a 21 year high and the inflation rate in Australia is at 5.1%. The wage growth is at just 2.3%, meaning the inflation is leaving less money in people’s pockets each month.
People are worried about the rising cost of rent, food, fuel and essentials. People are calling for a government that will address these inflation concerns, however there are differing opinions over how much the next government could actually accomplish. Rising global prices and energy shortages are having an impact on economies around the world. Australia’s Reserve Bank raised interest rates by .25% to .35% for the first time in over 11 years. Rate increases are expected to continue in the months ahead.