A whole bunch of Australians are going to get free money on July 1

The money is coming from a politician, of course:

Miles is Premier of Australia’s Queensland state, which has a population of just over 5mn, which is nearly 20% of Australia’s population.

This sort of fiscal stimulus is, at the margin, making the Reserve Bank of Australia’s work against inflation that little bit more difficult.

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Of course, the eagle-eyed amongst you will spot that this is $1,000 Australian dollars. Which is equivalent to the purchase price of a Big Mac in the US, if my maths is right 😉

This article was written by Eamonn Sheridan at www.forexlive.com.