Monthly CPI rose 4.9% annually

[16bit]

@dcl1954 If the next Emu War doesn't kill us first

 

[questioninghard]

@fountainheadeternal bricks and torture

 

[resjudicata]

@megumidreamer Anecdotal only, almost all my mates have cut back spending HARD.

Even the wealthy DINK's are cutting back.

Up until mid last year, I'd be invited to at least a birthday or two a month at a restaurant in Sydney, that has come to a grinding halt. I have a dozen or so mates in a whatsapp chat, it took one brave soul to finally admit, they are not 'organising a birthday' because they know people are doing it tough and it's unfair to expect everyone to come out and spend a 100-200 to say happy bday.

Rate rises are doing two things:

1) those with mortgages have less cash to spend

2) those that don't have mortgages, but with cash/savings are saving more if they can given the opportunity cost (i.e. ~4-5% interest on savings).

Things may tick up in a month or two re inflation due to energy prices and utilities in general just rising in June/July. But a step in the right direction.

Inflation is not a good thing, I'm sorry if it hurts you to hear it, inflation is not a good thing. Even if you want rates to rise and crash the property prices so you can 'swoop in' and buy an inner city Sydney terrace at 30c on the dollar. If you've been ignoring what's happening, then open your eyes, interest rates are not stopping people from buying up these high in demand places.

 

[turtleclan]

@resjudicata Think you're just not getting invited to the dinners mate.

 

[resjudicata]

@turtleclan We have a stand up comedian here!

 

[1astrokiid1]

@resjudicata I for one have stopped buying vinyl records, and red bulls.

 

[homeowner]

@1astrokiid1 Tay Tay will miss your money.

 

[jjddww]

@homeowner He didn't cross out shitty gigs or merch, so Tay Tay may still be getting some of that cash

 

[rackers1]

@resjudicata Dampening inflation was the primary reason I was for higher interest rates, since price increases rarely if ever come back down (impacting everyone through higher COL) whereas increased rates are temporary and limited to a subset of the population. Seems the high rates have been effective too, if a bit late.

 

[resjudicata]

@rackers1

Seems the high rates have been effective too

Interested to see actual evidence of this when the smoke clears. Because it just looks like cargo cult behaviour to me 'interest rates rises worked before they'll work again' - supply chain issues resolve and inflation comes down - 'see it worked!'

 

[billyboy]

@resjudicata Haven't really seen it yet...booked a few nice restaurants lately (Ides and Gimlet) and was a pain to get any reservations. Another mate just bought a 911

edit -

and it's unfair to expect everyone to come out and spend a 100-200 to say happy bday.

There are about 4 people on earth for whom I would spend more than $100 on a birthday...it's not a common thing for me and I'm surprised anyone regularly spends that much

 

[psalms91baby]

@billyboy

There are about 4 people on earth for whom I would spend more than $100 on a birthday...it's not a common thing for me and I'm surprised anyone regularly spends that much

Are you talking $100 in gifts, or $100 on a night out for a birthday?

Latter's not exactly hard to do if you're living in a major metro and want to have a drink and/or do an activity.