Patrick Commins, The Australian Newspaper’s economics correspondent, joins Michael to discuss his recent article looking at Australia’s inflation which has gone from an ‘historic opportunity to historic cock-up’.

Mr Cummins writes, ‘This is the reality facing Reserve Bank governor Philip Lowe, who now has to admit that under his watch, and in striving for full employment, the central bank has let inflation run too far with no monetary response.’

‘Dr Lowe’s assurances that Australia was somehow dramatically different from places such as the United States, United Kingdom, Canada – even New Zealand, for goodness sake – where consumer price growth has careened out of control have been proved hollow by today’s inflation figures.’

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