Inflation at 30 year high

Inflation is at a 30 year high. The only time in our history inflation has been higher is before the Reserve Bank was tasked with bringing inflation down in the 1989 Reserve Bank Act, SO this is the highest it has been in the modern era.

This hurts households doubly. First of all they have to pay more for food, rent, power etc. But if they do get a wage increase to compensate, fiscal drag will increase their effective tax rate.