Reserve Bank of Australia (RBA) Governor Philip Lowe (pictured) speaking at the Senate Economics Legislation Committee on Wednesday said the central bank is determined to remind people about the dangers of high inflation and how it can affect consumers.
"People really forgot about how corrosive inflation was and how it eroded your savings," Lowe said, noting that the consumer price index remained half a percentage point away from 2 or 2.5 for decades.
The governor claimed that the job of central bankers is to make sure a recession like the one that occurred 30 years ago doesn't happen again and a way for RBA to help that goal is to remind people of the dangers of high inflation. "I know it's really hard for people to - to pay more on their mortgages, but it will be harder still if inflation gets too high and stays too high," he said.
