Greens Treasury spokesperson, Senator Nick McKim, has responded to the RBA Governor, Philip Lowe\u2019s, speech today in which he again failed to acknowledge the role of corporate profits in driving inflation.<\/p>\n\n\n\n
\u201cYesterday\u2019s National Accounts showed that profit\u2019s share of national income hit a new record high and that wages\u2019 share of national income hit a new record low.\u201d<\/p>\n\n\n\n
\u201cIn the 60 years that records have been kept, never have workers been getting a smaller slice of the pie, and never have business owners been getting a bigger slice of the pie.\u201d<\/p>\n\n\n\n
\u201cWe are in a profit-price spiral not a wage-price spiral.\u201d<\/p>\n\n\n\n
\u201cInflation started with global supply shocks, but it is being turbocharged by corporate profiteering\u201d<\/p>\n\n\n\n
\u201cBut, once again, Philip Lowe has failed to acknowledge this.\u201d<\/p>\n\n\n\n
\u201cHe has also failed to recant his statements asking workers to brace themselves for a further decline in real wages.\u201d<\/p>\n\n\n\n
\u201cAnd he is jacking up interest rates even though the preconditions that he set for this to happen before 2024 have not been met.\u201d<\/p>\n\n\n\n
\u201cThat\u2019s why Dr Lowe has got to go.\u201d<\/p>\n\n\n\n
\u201cThe job of the RBA Governor is to ensure the economic prosperity and welfare of the people of Australia.\u201d<\/p>\n\n\n\n
\u201cThe RBA Governor should not be a corporate stooge.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Greens Treasury spokesperson, Senator Nick McKim, has responded to the RBA Governor, Philip Lowe\u2019s, speech today in which he again failed to acknowledge the role of corporate profits in driving inflation. \u201cYesterday\u2019s National Accounts showed that profit\u2019s share of national income hit a new record high and that wages\u2019 share of national income hit a … Continue reading “RBA again fails to acknowledge record high corporate profits”<\/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-18156","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\/18156","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=18156"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/18156\/revisions"}],"predecessor-version":[{"id":18157,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/18156\/revisions\/18157"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=18156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=18156"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=18156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}