1  Graph 1  Consumer Price Inflation* Year-ended %  %  15  15  10  10  5  5  0  0  -5  1967 *  1981  1995  2009  -5 2023  Excludes interest charges prior to the September quarter of 1998; adjusted for the tax changes of 1999–2000. Sources: ABS; RBA.
Our job at the central bank is to make sure that this period of high inflation is only temporary. It is important that we are successful here. High inflation is corrosive and damages our economy. It erodes the value of money and savings, puts pressure on household budgets, makes it harder for businesses to plan and distorts investment.