PM: Inflation ‘heading in the right direction’ | ABC News

In This Story: Australia

Australia, officially known as the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. It is the largest country in Oceania and the world’s sixth-largest country by total area.

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In This Story: Indigenous Australians

The term Indigenous Australians refers to Aboriginal Australians as well as Torres Strait Islanders, and the term should only be used when both groups are included in the topic being addressed, or by self-identification by a person as Indigenous.

Torres Strait Islanders are ethnically and culturally distinct, despite extensive cultural exchange with some of the Aboriginal groups, and the Torres Strait Islands are mostly part of Queensland but have a separate governmental status.

In the 2016 Australian Census, Indigenous Australians comprised 3.3% of Australia’s population, with 91% of these identifying as Aboriginal only, 5% Torres Strait Islander, and 4% both.

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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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