AoA I tend to agree with you.
I have no figures to hand but I seem to remember that interest rates were
extremely high in the UK and US in those days too....was that Labor's fault too?
I hate all politicians...in fact have never voted once in an election since turning 18, 26 years ago.
In another thread I posted a few days ago about how in 1970 a new Bonanza or a big house at Balmoral Beach in Sydney was roughly the equivalent of 1 years gross wages for a QF FO. That year my father, a QF FO at the time, bought said property with harbour views and 5 minutes walk to the beach. In 1970 all three, the annual wage, aeroplane and house, were around 40K.
These days a 1970 Bonanza like mine is worth about what a QF FO grosses in a year.
A new one costs about 7 years gross wages for an average QF FO and the house is now about 20 years worth.
I suspect if the true figures for average inflation over the last 36 years were uncovered there would be rioting in the streets...or perhaps not...nothing else seems to hold the public's interest for more than 5 minutes, why would that.
Note I am not saying wages should be tied to the cost of a new Bonanza...I just find the above comparisons fascinating in terms of relative affordability.
EDIT: As a house is the single biggest financial outlay most people ever make surely it is the biggest factor in deciding a realistic inflation rate. Where in Sydney, or any city in Australia,can a house be bought for 1 years gross QF FO wages?
Interesting innit?
