Business leaders are warning Treasurer Josh Frydenberg against a cash-splash heavy budget that will add to inflation pressures, with fresh signs the rental market is the next part of the economy to be hit by cost of living stresses.
“The time now is to build capacity on the supply side and look at productivity. That’s the only way we’re going to deliver higher living standards in the longer term.” “There is more bad news to come in terms of consumer prices rising, and certainly the developments in Ukraine and Russia’s invasion is only going to exacerbate that situation,” Westpac senior economist Andrew Hanlan said.Consumers are expecting inflation to lift. ANZ’s weekly measure of consumer sentiment found inflation expectations at 5.
“The compounding effects of COVID-19, increasing debt, fatigue, worker shortages, cost pressures from supply chain and the ongoing burden of keeping workplaces safe has led to many previously strong, viable small business vulnerable to closure,” she said.. The Australian Bureau of Statistics, however, reported the nation’s property prices jumped by 23.7 per cent through 2021, the biggest annual lift on record.
Data released by the prudential regulator on Tuesday showed through the December quarter mortgages where borrowers took on debts at least six times their annual income accounted for 24.4 per cent of all loans. A year earlier the proportion was 17.3 per cent. SQM managing director Louis Christopher said capital city rents are expected to rise by more than 10 per cent this year, with the floods and incoming migrants and students exacerbating housing shortages.
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