ABS says spending is up 28% for the year.
Not even kidding.
20% even if the lockdown-lull is ignored.
At this clip, EZFKA unit surpluses should be drained very quickly indeed. This rocket in non-interest might have a more immediate bite on land prices than what the RBA has been doing.
indeed, on one view this hit to household finances is what the RBA could be hoping might do some of the heavy (and politically unpleasant) lifting.
That is, to some extent, the solution for high inflation may be high inflation…..As long as wages can be ground into the dust with mass slave imports, of course, as is being attempted. If wages break out, this strategy fails.