The latest increases in the GDP deflator have been driven by both unit labour costs and unit profits. Unit profits increased by 9.4% in the fourth quarter of 2022, year-on-year, and contributed more than half the domestic price pressures in that quarter, while unit labour costs increased by 4.7% and contributed less than half.
Source: The cost of the Reserve Bank’s profit denialism will be lives
The Reserve Bank of Australia has declared that the Government cannot hide from a net zero future today as state and territory governments around the country make plans without Federal guidance. In response, Prime Minister Scott Morrison has told journalists that he has accepted the RBA’s challenge and looks forward to showing the country he can and will hide from it. “Right now, my cabinet is looking for a dead cat,” he said.
Australia faces an intensifying risk of global investors divesting bonds or equity if we don’t join other nations in making a net zero emissions commitment for 2050, the Reserve Bank has warned.
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