Why the inflation rate is important - In the 28 years since independence, Zimbabwe, the former colony of Rhodesia, progressed from one of Africa's richest states into an economic basket case. The government's answer to economic collapse was to print money until the Zimbabwe dollar became worthless. This is mad money - paper money made valueless through inflation and its extreme mutation hyerinflation. Inflation in Zimbabwe was 516 quintillion per cent (518 followed by 18 zeros). Prices doubled every 1.3 days. The record for hyperinflation is Hungary where in 1946 monthly inflation reached 12,950,000,000,000,000 per cent - prices doubled every 15.6 hours. In 1923 Weimar Germany experienced inflation of 29,525 per cent a month, with prices doubling every 3.7 days.

Looking to 2012 - Reading the current newspapers we keep seeing the word 'optimistic' popping up repeatedly when referring to the Australian property market, and it's a welcome change from some of the pessimistic news we had all been reading about last year. With two interest rate cuts in November and December, and quite likely one next month it is certainly a positive way to start the new year. Read this months Lending News here

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