The question should also be where would interest rates be if the feckless morons in Govt (both sides of the house) still calculated inflation the way it was calculated in the 70s/80s - i.e including housing/food and transport?
Those of us over a certain age remember interest rates around 18% - because inflation was high. Imagine what inflation would be now if they still included those things - it would be huge.
They took those things out of the calculation and told everyone inflation (Consumer Price Index) was 3%. All payrises since have been based on that BS CPI - if you were lucky, mostly employers have managed to average less than CPI increases - but those things they removed, housing, transport and food, have continued to inflate at an increasing rate. Had they not changed the calculation inflation in the last 20+ years would have (and has) been higher than at any time before that. Any wonder people don't feel better off?
Utterly contemptible lying c&*#s - ALL of them Labor or Liberal.
Likely this reason alone is the underlying cause of the GFC - unchecked inflation on the one hand and decimated real wages on the other.
Where is the outrage?
