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The RBA Governor has today admitted under vigorous questioning by Senator Malcolm Roberts that the sheer volume of money spent during the last 3 years of reckless government intervention has driven our current inflationary problems.

In the exchange, Dr. Lowe was asked about the unexpected rise in inflation, which reached a 30-year high of 7.8% in the December quarter. During the ABA Australian banking association conference that both he and I attended, Dr. Lowe predicted that inflation would peak at 4.2% in March ’22.

We asked why Dr. Lowe was surprised by the inflation when several individuals, including myself, had previously warned the Reserve Bank and the government about the possible significant inflation that could arise due to the sheer volume of money being splashed around the economy.

Dr. Lowe responded that although the expansion of the money supply, low-interest rates, and government support during the pandemic has contributed to inflation, the entire story is not complete as at least half or even three-quarters of the increase in inflation is due to what went on in Europe and the supply-side disruptions.

That might be where the ‘meeting of the minds’ between One Nation and Governor Lowe departs. His concession at Senate Estimates is a start in the long process of accountability for Australia’s rapidly deteriorating economy.

What every reasonable Australian accepts is that, to quote Governor Lowe, “The expansion of money supply, low-interest rates and government support during the pandemic has driven inflation”.

Governor Lowe was then asked if the public was paying the price for the Reserve Bank’s support of the government’s wasteful management of COVID using lockdowns and other restrictions, which necessitated the money creation.

Dr. Lowe clarified that the Reserve Bank did not create money at the government’s request. Hard to accept, but that was his response. However, the Governor admitted, in terms, that while it wasn’t directed he print money the cash creation was in response to the government’s actions during the early stages of COVID management of destroying our economy, closing the borders and shutting down businesses. If the economy wasn’t in the drain because Scomo & Co told us we had to hide in the cupboard then RBA wouldn’t have printed. A startling admission indeed.

The board of the Reserve Bank consisting of nine individuals decided to create money, he informed the committee, and they had meetings with the government. Most Australians would be shocked if at those meetings the government didn’t pressure the bank to print money, but that fight for accountability remains ongoing.

If you are sceptical of Governor Lowe’s reliability on economic management, your concern may be well placed. Let’s not forget his promise that rates would stay low until 2024 and while it may have been foreseeable, the fact is Australians who relied on the Governor’s promise will likely go broke because they relied on his advice.

One Nation will not rest until every detail of this sticky, shocking mess is unraveled.

Foreign Affairs Minister Penny Wong has just admitted in Senate Estimates that nuclear-capable bombers can rotate through Australia without breaching international obligations, under questioning from the Greens.

Australian Greens Senator and Foreign Affairs Spokesperson Jordon Steele John said: 

“Australians have resisted the nuclearisation of our military for decades and now the Albanese government is letting the Americans do it for us.

“Nuclear capable B-52 bombers have no place on Australian bases, on Australian shores or in Australian airspace. They are an offensive weapon that will destabilise our region.

“The decision for the Australian Government to allow American B-52s into Australia is another clear example of successive major party governments selling out Australian interests for the Americans.

“Whether it be the AUKUS pact, the coverup of how Australia became involved in the illegal US invasion of Iraq or this newest escalation in the force posture agreement. When it comes to the US, there is no Australian interest this government has not been willing to sell out.

“Australia needs to deeply reevaluate our relationship with the United States and pursue an independent, peaceful and cooperative foreign policy,” Senator Steele John said.

Australian Greens Senator and Defence Spokesperson David Shoebridge said: 

“It is highly alarming that Australian military facilities are being made available for the US to launch its nuclear capable bombers.

“The fact that we are allowing Australian military facilities to host US nuclear bombers should alarm all Australians who are concerned  with our collective safety.

“This decision not only makes us a nuclear target, it further erodes our sovereignty.

“The US has made it clear it won’t tell anyone when their B52’s are nuclear armed or not. This leaves Australia in the dark about our role in the USA’s global nuclear strategy.

“This decision directly contradicts the Defence Minister’s claims that our relationship with the US does not undermine Australia’s sovereignty.

“This will further destabilise our region and force Australia into an unwitting role in the global nuclear weapons threat,” Senator Shoebridge said.

Greens forests spokesperson, Senator Janet Rice has called on state and federal Labor governments to commit to ending native forest logging immediately and ensure a just transition for forestry workers that are about to face an uncertain future, with Australia’s largest white paper producing plant, set to close. 

Greens spokesperson for forests, Senator Janet Rice said: 

“The end of white paper production at the Maryvale paper mill shows the writing is on the wall for Victoria’s native forest logging industry.

“Unions believe about 200 people may become unemployed as a result of this closure. The mill should have been supported to transition away from woodchips from native forests well before now, for example, by using supplies of logs from eucalypt plantations from western Victoria and Tasmania that are currently being exported. 

“Instead, workers will be left with the stress of job loss, in the midst of a cost of living crisis, wondering about their future.

The state government saw this coming but they chose to continue denying reality. With this woeful oversight by the state government, it’s time the federal government step up, commit to ending native forest logging across the country and ensure a just transition for workers.

“Recent supreme court cases have proven illegal logging and multiple breaches of state environment laws by VicForests, resulting in native forest logging operations grinding to a halt.

“Native forest logging is a dying industry and there’s no way around it. 

“Labor has a choice. They can either begin a fair transition for workers, or they can keep their head in the sand and leave more workers stranded.

“The Greens will keep fighting to secure meaningful climate and environment legislation, which must include saving what remains of Australia’s native forests and stopping the extinction of the iconic species that call these forests home.”

The Albanese Government will contribute an additional $8 million dollars to Australia’s response to the devastating earthquakes in Türkiye and Syria, bringing the total to $18 million.

This funding will provide lifesaving assistance, with a focus on protecting those made most vulnerable by the earthquakes in Türkiye and Syria. It will also support ongoing search and rescue efforts.

In Türkiye, we will contribute an additional $4.5 million. This includes $2 million to Australian NGOs through the Australian Humanitarian Partnership to deliver lifesaving assistance, with a focus on protecting those made most vulnerable by the earthquakes. Remaining funds will support ongoing search and rescue efforts and other emerging needs arising from this crisis.

In Syria, $3.5 million will be provided to the United Nations Population Fund to deliver maternal and child health services and protect women and girls without safe housing. This is in addition to the $3 million that Australia has committed to the United Nations Children’s Fund (UNICEF).

We extend Australia’s deepest sympathies to families and communities that have lost loved ones in the earthquakes, including families here in Australia.

The earthquakes have also exacerbated the ongoing humanitarian crisis in Syria, where years of conflict have driven millions from their homes.

In addition to the earthquake response, the Australian Government will provide $15 million through trusted partners to assist conflict-affected Syrians and their host communities in Syria, Lebanon and Jordan.

Imagery of the Australian Government’s Disaster Assistance Response Team in Türkiye is available at: https://multimedia.dfat.gov.au/fotoweb/albums/Y-agmMww5crkgPyn/

Senator the Hon. Sarah Henderson will become the Shadow Minister for Education. I know Sarah will continue her outstanding advocacy and dedication to the cause in the shadow education portfolio, just as she has in the shadow communications portfolio.

I am pleased to announce the Hon. David Coleman MP will return to the Coalition frontbench to become the Shadow Minister for Communications. David has been a fine contributor for the Coalition, and as a former minister, I know he will take up this role with his customary diligence.

These new appointments will strengthen the Coalition’s representation in critical portfolio areas. I look forward to continuing to work with Senator Henderson and Mr Coleman as they carry out their new roles.

I again thank the Hon. Alan Tudge MP for his service to the Coalition team since his election in 2010. He departs the parliament with the Coalition’s best wishes for his future endeavours.

My strong Coalition team will continue their hard work and their unity in holding the government to account.

I can assure all Australians that the Coalition will continue to focus on delivering positive plans and policies for the future of our country in 2023 and in the lead-up to the next election.