Cost of living crisis | 7NEWS

7NEWS Australia published this video item, entitled “Cost of living crisis | 7NEWS” – below is their description.

‘We are facing a cost of living crisis in NSW’ – NSW Labor Leader Chris Minns.

Business confidence is holding up in the face of rising interest rates and inflation, but there are signs households may start winding back on spending.

New figures from the Australian Bureau of Statistics showed household spending was running at a healthy 7.6% annually in April, prior to the Reserve Bank of Australia lifting the cash rate in May.


7NEWS at 6pm.

7NEWS Australia YouTube Channel

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About This Source - 7NEWS Australia

Seven News is the television news service of the Seven Network and, as of 2016, the highest-rating in Australia. The news service draws upon overseas channels for select international coverage. The network’s Director of News and Current Affairs is Craig McPherson.

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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New South Wales is a southeastern Australian state, distinguished by its coastal cities and national parks. Sydney, its capital, is home to iconic structures such as the Sydney Opera House and Harbour Bridge.

Population: 7.544 million (Sept 2014)

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