Subscriber • Opinion

Will inflation trigger a double-dip recession?

Adam Triggs
Updated June 14 2022 - 2:21am, first published January 27 2022 - 5:25am
Reserve Bank governor Philip Lowe at the standing committee on economics at Parliament House in February last year. Picture: Getty Images
Reserve Bank governor Philip Lowe at the standing committee on economics at Parliament House in February last year. Picture: Getty Images

"Taxation without legislation" is how economist Milton Friedman described inflation. Friedman saw inflation - when prices increase across the economy - as a tax by stealth, because it reduces the purchasing power of people's income while eroding the value of the government's debt. With yesterday's ABS data showing that inflation is on the rise in Australia, the concern today is even worse: will inflation derail the post-COVID recovery?

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Adam Triggs

Adam Triggs

Columnist

Adam Triggs is a partner at the economics advisory firm, Mandala, a visiting fellow at the ANU Crawford School and a non-resident fellow at the Brookings Institution.

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