Degrowth

The current capitalist system moves wealth from the poor to the rich. That sort of works, if the total wealth is growing at such a rate that the poor keep their quality of life. However when you have stagnation and even worse a decline in GDP you end up in a situation, where the poor get actually poorer and the rich either keep their wealth or become richer.

So with a stagnating economy, you have to change the system to stop the flow of wealth to the rich. When you want to actively shrink the economy, you need to take from the rich.

In this case these numpties work for Murdoch.

That's fine, the powers that be will rebase the model to make it look better.

“For the past two years, the playbook has been simple: raise interest rates, slow demand, to bring inflation down. But next week’s CPI lands at a time when inflation is no longer being driven purely by demand.”

This was already argued during Russian invasion of Ukraine after the nordstream was blown up and Europe went on a blitz buying up all the worlds coal and gas supplies forcing massive increases in energy prices, the question was what does raising the interest rate do to help reduce the demand for something that is a staple

“(The CPI data) is a test of whether the current strategy still works or whether Australia is heading into a period in which inflation remains elevated while growth slows anyway.

No it's not, if it's higher because of the oil crisis then it's higher because of the oil crisis and the decision to move towards renewables continues to be confirmed to be the right one, to reduce inflation, to increase growth etc