Inflation – What’s That?
When my father died in 1949 the salary he was receiving was £6 per week. You can’t get breakfast in a cheap café for the equivalent ($12) of that sum now.
Every day I pass a sign offering daily car parking for $15. A long time ago I cancelled my monthly car parking arrangement when the cost was raised to $30. We’ve not had rampant inflation in Australia for many years now (I recall that in the early eighties when I worked as a paymaster my responsibilities included processing “counter inflation” pay rises numbering at least 4 a year) but we have not had any deflationary spasms that might have given financial journalists a different subject to write about.
Those home owners now sitting on a 7 figure house value ($1million plus) for which they originally paid a purchase price in the low 5 figures ($20,000 odd) should wipe the grins from their faces.
But there’s no reason to scowl either!