Rishi Sunak and Liz Truss (Images: Supplied)
Rishi Sunak and Liz Truss (Images: Supplied)

Whatever criticisms might be levelled at Scott Morrison and Josh Frydenberg over their massive spending, be thankful we didn't have Boris Johnson and Rishi Sunak.

The absurdly wealthy Sunak was Johnson's chancellor. His resignation helped precipitate the mass ministerial departures that led to Johnson's resignation, and he's now up against Liz Truss in a truly uninspiring contest for the prime ministership. Whoever wins faces an inflation nightmare.

On Wednesday, the Office for National Statistics released its latest inflation data, for June. It showed UK inflation rose to 9.4%, up from 9.1% in May after another sharp rise in petrol and food costs. Inflation hasn't been this bad since the early Thatcher years. It's now above the 9.1% reported for June for the US.