Greens Treasury spokesperson, Senator Nick McKim, has responded to the news of steep falls in house prices ahead of tomorrow\u2019s RBA meeting.<\/p>\n\n\n\n
\u201cThe RBA needs to hit pause.”<\/p>\n\n\n\n
\u201cInflation is being driven by supply side shocks and corporate profiteering.<\/p>\n\n\n\n
\u201cJacking up interest rates will not fix these problems.<\/p>\n\n\n\n
\u201cThe RBA needs to be honest about this with the Australian public.<\/p>\n\n\n\n
\u201cMonetary policy cannot curb inflation without punishing workers, renters and new homeowners, none of whom are the cause of the problem.<\/p>\n\n\n\n
\u201cThey should not increase rates tomorrow.<\/p>\n\n\n\n
\u201cAnd the Treasurer needs to step in and use the levers that the Australian public have given him.<\/p>\n\n\n\n
\u201cWe need a super profits tax to reign in corporate profiteering and to fund cost-of-living relief, such as free childcare, and putting dental care and mental health into Medicare.<\/p>\n\n\n\n
\u201cWe can\u2019t wait for the government\u2019s review to get fiscal and monetary policy working together.<\/p>\n\n\n\n
\u201cA failure to use fiscal policy will only increase the likelihood of the RBA overreaching.<\/p>\n\n\n\n
\u201cThe government also needs to step in to help new-owners and renters.<\/p>\n\n\n\n
\u201cHaving lured new home-owners into taking on record levels of debt, the RBA is now punishing them doubly.<\/p>\n\n\n\n
\u201cInterest rate rises reduce the value of their asset and increase their monthly mortgage repayments.<\/p>\n\n\n\n
\u201cGetting rid of negative gearing and capital gains tax would reduce demand in the housing market without affecting mortgage repayments for homeowners.<\/p>\n\n\n\n
\u201cAnd the additional revenue could help fund 1 million new social houses that will provide renters with an affordable and secure alternative to the Hunger Games that is Australia\u2019s private rental market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Greens Treasury spokesperson, Senator Nick McKim, has responded to the news of steep falls in house prices ahead of tomorrow\u2019s RBA meeting. \u201cThe RBA needs to hit pause.” \u201cInflation is being driven by supply side shocks and corporate profiteering. \u201cJacking up interest rates will not fix these problems. \u201cThe RBA needs to be honest about … Continue reading “RBA needs to hit pause on rate rises”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-17577","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/17577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=17577"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/17577\/revisions"}],"predecessor-version":[{"id":17578,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/17577\/revisions\/17578"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=17577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=17577"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=17577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}