Suppose that Australians expect inflation to equal 5 percent in 2016, but, in fact, prices rise by 8 percent. Explain how would this unexpected inflation rate help or hurt the following in 2016:

(a) Borrower with a fixed interest rate loan.

(b) Lender of a fixed interest rate loan.

(c) A worker who has a labour contract.

(d) A graduate repaying his interest-free study loan he borrowed from the government.

(e) An investor pays capital gain tax on his investment property that he sold.