Greens Treasury spokesperson, Senator Nick McKim, has responded to today\u2019s decision by the RBA to raise interest rates for the ninth consecutive time.
\u201cThe RBA is failing in its duty to ensure the economic prosperity and welfare of the people of Australia.\u201d
\u201cThe RBA is willing to smash Australia into a recession in pursuit of policy that is only benefiting the already wealthy.
\u201cThe Treasurer needs to do two things.\u201d<\/p>\n\n\n\n
\u201cFirstly, he needs to ask Philip Lowe for his resignation.\u201d
\u201cSecondly, he needs to use the powers he has to reverse today\u2019s decision by the RBA.\u201d<\/p>\n\n\n\n
\u201cConsumer sentiment is at the lowest level since the GFC.\u201d<\/p>\n\n\n\n
\u201cThe volume of retail sales is falling.\u201d<\/p>\n\n\n\n
\u201cMeanwhile, the stock market is at a near record high.\u201d
\u201cThe rich are getting richer while mortgage holders, renters, workers and small businesses are all copping it.\u201d
\u201cThis blast of interest rate increases were never the right response to inflation driven by supply shocks and corporate profiteering.\u201d
\u201cBut with the evidence pointing to inflation having already peaked, the RBA is now just being belligerent.\u201d
\u201cSection 11 of the Reserve Bank Act gives the government the \u2018ultimate power to determine the policy of the bank\u2019.\u201d
\u201cIt\u2019s time for the Treasurer to stop ducking for cover and start using his power to bring into line an RBA board that is running cover for corporate interests.\u201d
\u201cIt\u2019s also time for the Treasurer to introduce super-profits taxes to tackle corporate profiteering and provide immediate cost-of-living, such as free childcare, putting dental into Medicare, and introducing a freeze on rents.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"
Greens Treasury spokesperson, Senator Nick McKim, has responded to today\u2019s decision by the RBA to raise interest rates for the ninth consecutive time. \u201cThe RBA is failing in its duty to ensure the economic prosperity and welfare of the people of Australia.\u201d \u201cThe RBA is willing to smash Australia into a recession in pursuit of … Continue reading “GOVERNMENT MUST STEP IN TO STOP RBA RATE RISE”<\/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-20083","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\/20083","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=20083"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/20083\/revisions"}],"predecessor-version":[{"id":20084,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/20083\/revisions\/20084"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=20083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=20083"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=20083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}