The Australia interest rate rise is the wrong medicine and an even worse alibi
(www.theguardian.com)
Find a better way.
This is the tricky part, and in a way - is not within the scope of the RBA’s remit.
We thankfully have award wages tied to the CPI - so having higher inflation (over 2%) isn’t as bad for us as it would be in less developed countries (cough 🇺🇸).
In a sense, we can ride out moderate waves of higher inflation periods that are outside of our national control (such as now, with the Russia/Ukraine and US/Iran wars).
The issue becomes ensuring that a rising tide lifts all boats - so that our most vulnerable aren’t left to drown - eg. lifting Government payments in-line with CPI, rather than letting them fall behind.