The only thing which “shields” Australia’s economy against world inflation is the exchange rate, says ANU Crawford School of Public Policy Distinguished Professor Warwick McKibbin.
“What’s important is what’s driving inflation – the inflation is coming from overseas,” Prof. McKibbin told Sky News Australia.
“The only thing that shields us against world inflation is our exchange rate, if our exchange rate, appreciated, rose in value, then inflation wouldn’t come into the Australian economy – we’re behind the curve on interest rates and so our exchange rate’s depreciating.”
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