{"id":20990,"date":"2023-04-22T23:05:24","date_gmt":"2023-04-22T23:05:24","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=20990"},"modified":"2023-04-22T23:05:24","modified_gmt":"2023-04-22T23:05:24","slug":"greens-to-fight-to-keep-government-interest-rate-power-2","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2023\/04\/22\/greens-to-fight-to-keep-government-interest-rate-power-2\/","title":{"rendered":"GREENS TO FIGHT TO KEEP GOVERNMENT INTEREST RATE POWER"},"content":{"rendered":"\n

Greens Leader Adam Bandt and Treasury spokesperson Senator Nick McKim have said the Greens will fight the proposal to remove the Treasurer\u2019s power to overrule the RBA\u2019s decisions to set interest rates.

The government has given in-principle support to Recommendation 1.1 of the RBA Review released this week, which proposes removing the democratic safeguard that currently exists in Section 11 of the\u00a0Reserve Bank Act 1959<\/em>.

Greens Leader Adam Bandt said:<\/strong>

\u201cIt seems Labor wants to use this review to further shirk its responsibility to deal with the housing crisis. Labor needs to keep the government\u2019s power to override the Reserve Bank\u2019s interest rate decisions, especially in a crisis.

\u201cIn the middle of a housing and rental crisis, there is a real risk the Reserve Bank is going to ruin lives and undermine our collective future with further rate rises.\u00a0<\/p>\n\n\n\n

\u201cIf Labor washes its hands of the inflation problem and outsources it to the Reserve Bank, it risks more pain for people already doing it tough.<\/p>\n\n\n\n

\u201cTackling the cost of living and housing crises needs more government intervention, not less.<\/p>\n\n\n\n

\u201cInstead of shifting towards social democracy, Labor\u2019s change further entrenches neoliberalism.\u201d

Greens Treasury spokesperson Nick McKim said:<\/strong>

\u201cInstead of getting rid of his existing power to set interest rates, the Treasurer should be using this power right now to help renters and mortgage holders by freezing interest rates.

\u201cThe Greens will vigorously oppose this fundamentally anti-democratic policy.

\u201cThis safeguard was put in place by Ben Chifley and kept in place by Robert Menzies.<\/p>\n\n\n\n

\u201cBut Jim Chalmers has swallowed the technocratic kool-aid.<\/p>\n\n\n\n

\u201cIf the Section 11 safeguards are removed the government would have no recourse over an RBA board that goes rogue.<\/p>\n\n\n\n

\u201cRemoving democratic oversight would be the final capitulation to neoliberal groupthink and would totally cede monetary policy to the central banker\u2019s club that has done nothing to stop rising inequality or the breakdown of the planet\u2019s climate.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Greens Leader Adam Bandt and Treasury spokesperson Senator Nick McKim have said the Greens will fight the proposal to remove the Treasurer\u2019s power to overrule the RBA\u2019s decisions to set interest rates. The government has given in-principle support to Recommendation 1.1 of the RBA Review released this week, which proposes removing the democratic safeguard that … Continue reading “GREENS TO FIGHT TO KEEP GOVERNMENT INTEREST RATE POWER”<\/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-20990","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\/20990","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=20990"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/20990\/revisions"}],"predecessor-version":[{"id":20991,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/20990\/revisions\/20991"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=20990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=20990"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=20990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}