We are currently in a period of extreme change; besides the impact of the pandemic, the future dynamics of globalization are becoming uncertain due to heightened geopolitical risks. Global challenges, such as decarbonization, are also growing.
If we turn to an international ranking of inflation rates over the past decade (Column 2 of Table 1), Australia finishes in the middle of the field, with an average inflation rate of 2.3% per annum. This is a huge improvement on recent decades, but, of course, virtually every country has shown a significant improvement.