Inflation and Corporate Greed

Today Abigail called on the NSW Government to help drive down inflation through the introduction of price controls and tax and competition policy reform to protect our community from the cost of living crisis.

Ms Boyd says—

Mr PRESIDENT:

I give notice that on the next sitting day I will move: 

(1) That this House notes the minutes of the 6 June 2023 meeting of the Reserve Bank of Australia, which states that some firms were indexing their prices, either implicitly or directly, to past inflation.

(2) That this House notes

(a) the severe financial stress that households are facing as a result of the compounding effects of inflation and interest rate hikes,

(b) that the RBA has finally admitted that corporations are making inflation worse by pegging price increases to high inflation, contributing to the stickiness of inflation, and

(c) that high inflation is having a serious effect on the state’s finances as a result of an increased value of the costs of depreciation to the state’s assets.

(3) That this House calls on the NSW Government to do its part in driving down inflation by urgently addressing corporate price gouging through price controls and tax and competition policy reforms.

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