Mastodawn

Yes, Fuel prices at the pump have soared — partially due to greed — and this is precicely why the latest #RBA #CashRate rise was a complete ballsup and a failure to apply basic experiencial #economics (as opposed to debunked theoretical #neoliberal claptrap). Consumers will, as a result of fuel costs, spend less on non-essential goods and services, therefore the #inflation beast will retreat somewhat.

The RBA wanted to slow spending, but soaring petrol prices already have

The Reserve Bank’s decision to raise interest rates this week was a double whammy for Australians struggling with petrol price increases in the past month that have already cost them more than the impact of the rate rise.