Prompted by the 32-year high inflation in Australia, an increased number of domestic investors have shifted their focus toward digital currencies.
Australia’s inflation hit 7.3%, which is the highest rate in 32 years. Considering the soaring prices of real estate and gas, analysts expect this figure to surge even more before the year’s end.
The Aussie government has also put crypto on its agenda. The new Prime Minister of the nation – Anthony Albanese – vowed to enforce comprehensive rules in the sector while simultaneously “leave room for innovation.”Australia is yet another country that has to cope with serious financial issues. The nation was almost completely isolated from the rest of the world during the peak of the COVID-19 pandemic.
. Other factors that have negatively affected Australia are natural disasters that often hit the region.destroyed thousands of buildings in 2019-2022, and over 30 people lost their lives. The government spent between $4 and $5 billion to handle the calamity.