RBA's KIohler: We believe peak of inflation was in Q4 RBA CentralBanks AUDUSD
Opening statement to the Senate Select Committee on the cost of living:Thank you for holding this hearing. The Reserve Bank welcomes the opportunity to contribute to these discussions about the cost-of-living pressures that households in Australia are currently facing. Cost of living is an important issue for all Australians. A rising cost of living puts pressure on household budgets across the country.
Different groups in society have different patterns of spending, so their experience of cost of living can vary from the national average. Lower income households typically have the most constrained budgets. These households, including those on the age pension and other welfare payments, tend to spend more of their income on essential items such as food, utilities and rent.
The experience of individual households varies widely. Hourly wages have picked up, but not by as much as inflation, and so some workers who have remained in the same job and with the same hours will have seen their real incomes decline significantly. Still, many households have been able to benefit from the strong labour market. Some now have a job who previously didn't, while others have been able to pick up more hours or move to a better paying job.
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