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Australia shakes off ‘Taylor Swift inflation’ fears ahead of Eras Tour concerts in Sydney and Melbourne
- The head of Australia’s central bank said the ‘Taylor Swift inflation’ effect has forced fans to adjust spending to afford tour tickets and associated spending
- Swift, who will play 7 shows in Australia this month, has been cited by experts as a factor in temporarily spurring inflation in the countries she tours
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Reserve Bank of Australia Governor Michele Bullock said on Tuesday the “Taylor Swift inflation” effect has forced some spending adjustments, including in her own children, but played down the policy impact as the pop singer prepares to arrive in the country.
Swift’s Eras Tour is the first in history to gross over US$1 billion, according to industry estimates, with billions more spent by fans on transport and accommodation.
Her world tour, along with others by acts including Beyoncé and Coldplay, has been cited by some experts as a factor in temporarily spurring inflation in several countries including the United States. Others have said the impact of the concerts on inflation are overstated.
“I know all about Taylor Swift inflation as well, myself” Bullock told a news conference in response to a question on whether the huge demand for Taylor Swift tickets was an example of the type of services inflation mentioned frequently as a policy risk by the RBA.
Citing the example of her own children, Bullock said that fans had adjusted their spending elsewhere to afford the tour tickets and associated spending.
“People are deciding what’s really important to them and what’s not as important to them,” Bullock said, after the RBA had earlier held rates steady.
“Clearly, for a lot of people, Taylor Swift is very important.”
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