Petrol's outsized role on inflation expectations

The Reserve Bank says it’ll do whatever it takes to crush inflation, even if it means Australia falls into recession. But for millions of Australians, the pain is already here with petrol prices soaring and mortgage repayments climbing. So did the RBA really have no choice but to lift rates again? Or is this a risk the Bank didn’t need to take?

Guests: 

Gianni La Cava, Former Senior Research Manager at the Reserve Bank of Australia; now Senior Economist at the e61 Institute.

Cherelle Murphy, Oceania Chief Economist, EY