Greens Treasury spokesperson, Senator Nick McKim, has responded to the release today by the RBA of their quarterly Statement of Monetary Policy.<\/p>\n\n\n\n
\u201cThe RBA has today admitted that inflation is not happening because people are buying more things.\u201d<\/p>\n\n\n\n
\u201cThis is supported by ABS figures also out today showing that retail volumes grew only 0.2 per cent in the September Quarter.\u201d<\/p>\n\n\n\n
\u201cThe RBA states that retail inflation is \u2018mainly driven by price increases rather than higher volumes\u2019.\u201d<\/p>\n\n\n\n
\u201cBut having made this pertinent insight, in the next breath the RBA says that it needs to guard against possible wage claims that might arise because workers need more money to pay these higher prices.<\/p>\n\n\n\n
\u201cThis circular logic reveals the extent to which the RBA has been captured by corporate interests.\u201d<\/p>\n\n\n\n
\u201cThe RBA is fear mongering about non-existent wage increases citing its dodgy business liaison program.\u201d<\/p>\n\n\n\n
\u201cBut businesses have complained about wages through the entire history of capitalism.\u201d<\/p>\n\n\n\n
\u201cInstead of parroting the corporate lines, the RBA should be upfront about the limits of monetary policy in tackling the current bout of high inflation.\u201d<\/p>\n\n\n\n
\u201cIncreasing interest rates will bring down inflation only by smashing household incomes and this will most affect those who are already doing it tough.\u201d<\/p>\n\n\n\n
\u201cThe government needs to pull its finger out and engage in genuine tax reform.\u201d<\/p>\n\n\n\n
\u201cThe government should be taxing company super profits and unearned wealth, and funding cost-of-living relief for those that are most in need.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Greens Treasury spokesperson, Senator Nick McKim, has responded to the release today by the RBA of their quarterly Statement of Monetary Policy. \u201cThe RBA has today admitted that inflation is not happening because people are buying more things.\u201d \u201cThis is supported by ABS figures also out today showing that retail volumes grew only 0.2 per … Continue reading “TAX REFORM NEEDED TO TACKLE INFLATION, NOT INTEREST RATE HIKES”<\/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-18990","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\/18990","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=18990"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/18990\/revisions"}],"predecessor-version":[{"id":18991,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/18990\/revisions\/18991"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=18990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=18990"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=18990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}