Society/Culture Inflation

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HairyO

Hall of Famer
Jul 13, 2015
30,013
32,499
AFL Club
Hawthorn
Because for some silly reason, Texas crude prices are often quoted here which make virtually no difference to petrol prices in Australia.

We source most of our fuel from Singapore and because most of refining capacity has been eroded over the past 50 years, we have to pay the FOB price on refined fuel from overseas.

Its not even that. The govt allows local refiners to charge the Singapore price no matter how much they produce and no matter the price it costs them.

This is because in theory they could export the fuel they refine overseas and get higher prices.

Of course what it does mean is allow them to increase prices to the Singapore price instantly when they go up, and take all the time in the world to bring the prices down when Singapore goes down.

We also have an ACCC that was unable to prove collusion even when they had proof that petrol companies were telling eachother what prices they were going to set - because its only really collusion if they then say "oh okay thanks we will use that price too"... they can just say nothing while setting the price. Thankyou garbage laws and drunk judges who dont care about the petrol price because they are too pickled to drive.
 

Rotayjay

Brownlow Medallist
Aug 28, 2014
10,548
20,245
Adelaide, South Australia
AFL Club
Adelaide
I'm going to sound Marxist again, but the ruling class of politicians and policymakers are well-off enough not to care about the price of petrol all that much. Just fill up the Merc to the top and whatever it costs it costs.

I can't wait to buy an electric car and *** off these scum petrol retailers for good.
 

Festerz

Premiership Player
May 20, 2019
4,686
14,469
AFL Club
Port Adelaide
Other Teams
PAFC Maggies SANFL
I remember the time when eating bananas was a sign of wealth. Now it's lettuce.
My investment portfolio:

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hamohawk1

Premiership Player
Feb 18, 2011
4,147
4,112
AFL Club
Hawthorn
From an outsider's perspective, it seems like a lot of countries, including Australia are relying on interest rates to 'cool' the economy and bring inflation down. If that doesn't work its pretty much left to austerity?
 

kickazz

Brownlow Medallist
Apr 12, 2010
11,033
15,919
Melbourne
AFL Club
Geelong
From an outsider's perspective, it seems like a lot of countries, including Australia are relying on interest rates to 'cool' the economy and bring inflation down. If that doesn't work its pretty much left to austerity?
Or increase productivity. More s**t to buy = more competition for out dollar. Spend extra cash on innovation, not houses.

A bit of luck would help too. The floods in Australia have had a significant impact on food prices.

But Innovation is the big one. Is this the kick in the balls we need to take a quantum leap toward efficient renewables, lab grown meat instead of inefficient farming, that sort of thing.

The last few years of innovation have not been that innovative - I mean all the capital that has gone into AfterPay for example: what has it delivered that a credit card didn't already do? Algorithms that can give us customised ads for things we already bought a month ago? Woop dee doo. Extortionate pricing just to get food home delivered? Please.

Time for the best and brightest to cast their minds back 100 years and invent the next refrigerator, antibiotic or aeroplane.

Or just pump it all into property and NFTs ffs.
 
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Gigantic

Brownlow Medallist
Aug 31, 2014
12,192
15,609
Sydney
AFL Club
GWS
Or increase productivity. More s**t to buy = more competition for out dollar. Spend extra cash on innovation, not houses.

A bit of luck would help too. The floods in Australia have had a significant impact on food prices.

But Innovation is the big one. Is this the kick in the balls we need to take a quantum leap toward efficient renewables, lab grown meat instead of inefficient farming, that sort of thing.

The last few years of innovation have not been that innovative - I mean all the capital that has gone into AfterPay for example: what has it delivered that a credit card didn't already do? Algorithms that can give us customised ads for things we already bought a month ago? Woop dee doo. Extortionate pricing just to get food home delivered? Please.

Time for the best and brightest to cast their minds back 100 years and invent the next refrigerator, antibiotic or aeroplane.

Or just pump it all into property and NFTs ffs.
This.

Too little too late for the current economic issues though.

Years down the drain because government and banks would rather rely on wealth effects through eye-watering asset valuations than improve conditions for business productivity. While money gets sucked out of the real economy and funneled into the property market.
 

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