Greens Treasury spokesperson, Senator Nick McKim, has responded to today\u2019s decision by the RBA to raise rates again by highlighting the need for macroeconomic reform to deal with the housing market and declining real wages.<\/p>\n\n\n\n
\u201cThe RBA has seriously undermined its credibility this year.<\/p>\n\n\n\n
\u201cThey should not have raised rates as fast as they have, and should not have gone again today.<\/p>\n\n\n\n
\u201cToday\u2019s decision is the RBA thumbing its nose at people who are hurting the most. <\/p>\n\n\n\n
\u201cHigh inflation was sparked by supply-side shocks and has been fuelled by corporate profiteering.<\/p>\n\n\n\n
\u201cIt has not been driven by wage claims.<\/p>\n\n\n\n
\u201cYet the RBA has consistently invoked wage pressures to justify eight consecutive interest rate increases.<\/p>\n\n\n\n
\u201cBy jawboning down wages and openly aiming to increase unemployment the RBA has been running cover for corporate Australia.<\/p>\n\n\n\n
\u201cThe RBA\u2019s interest increases have also significantly increased housing costs for renters and mortgage holders.<\/p>\n\n\n\n
\u201cThis comes after the RBA\u2019s forward guidance during the pandemic sent house prices to record highs by inducing people to borrow record amounts.<\/p>\n\n\n\n
\u201cThe last three years have demonstrated that Australia\u2019s economic institutions and policy settings are not fit for purpose.<\/p>\n\n\n\n
\u201cHouse prices should not be a primary tool for economic recovery. Doing so only increases volatility and decreases affordability.<\/p>\n\n\n\n
\u201cAnd wage suppression should not be the only tool to reduce demand. Doing so worsens inequality and hurts those who are most vulnerable.<\/p>\n\n\n\n
\u201cThe RBA review must call for monetary and prudential policy to be brought under the one roof to curb the flow of credit to housing.<\/p>\n\n\n\n
\u201cAnd the government needs to pull its finger out and implement tax reform that hits speculators and the wealthy.<\/p>\n\n\n\n
\u201cGetting rid of negative gearing and the capital gains tax discount would stop housing costs yo-yoing up and down in response to shifts in interest rates.<\/p>\n\n\n\n
\u201cAnd taxes on super profits and the super wealthy could help slow inflation and fund cost of living relief for those who need it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Greens Treasury spokesperson, Senator Nick McKim, has responded to today\u2019s decision by the RBA to raise rates again by highlighting the need for macroeconomic reform to deal with the housing market and declining real wages. \u201cThe RBA has seriously undermined its credibility this year. \u201cThey should not have raised rates as fast as they have, … Continue reading “RBA ACTIONS HIGHLIGHT NEED FOR MACROECONOMIC REFORM”<\/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-19451","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\/19451","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=19451"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/19451\/revisions"}],"predecessor-version":[{"id":19452,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/19451\/revisions\/19452"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=19451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=19451"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=19451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}