Greens Treasury spokesperson Senator Nick McKim has responded to today\u2019s decision by the RBA to raise interest rates for the twelfth time in thirteen months.<\/p>\n\n\n\n
\u201cThe case is now overwhelming for Labor to step in and override the RBA,\u201d he said.<\/p>\n\n\n\n
\u201cThe RBA is engaging in a war on young people with Labor\u2019s support.<\/p>\n\n\n\n
\u201cThe total volume of retail sales is falling yet recent analysis by CBA of 7 million customers showed that older people are actually stoking demand.<\/p>\n\n\n\n
\u201cBut Labor has caved to the establishment so young people are copping it in the neck, and the worst is yet to come.<\/p>\n\n\n\n
\u201cYoung people are more likely to be renting or have recently bought a home, which means that they are paying the highest price for Labor\u2019s culpability.\u201d<\/p>\n\n\n\n
\u201cYoung people are also more likely to be in insecure employment and be among the 130,000 people that are forecast to lose their job under Labor\u2019s Budget.<\/p>\n\n\n\n
\u201cBy the RBA\u2019s own admission, interest rate increases are not the right tool to respond to the current bout of high inflation that is predominately a result of supply side pressures.<\/p>\n\n\n\n
\u201cReal wages are falling and the Treasury Secretary said last week that there are no signs of a wage-price spiral.<\/p>\n\n\n\n
\u201cMeanwhile corporate profits continue to rise.<\/p>\n\n\n\n
\u201cBut the RBA is smashing renters and mortgage holders in a pathological pursuit of price stability.<\/p>\n\n\n\n
\u201cThey are doing nothing to inspire any confidence among anyone but the already wealthy.<\/p>\n\n\n\n
\u201cIn spite of all of the evidence that interest rates are not the right tool for the job, Labor has completely succumbed to central bank orthodoxy.<\/p>\n\n\n\n
\u201cInstead of leaving it to the RBA who will always use the one blunt instrument that they have, Labor should be dealing with the cost-of-living crisis by freezing rents, taxing super profits and the super rich, and putting dental into Medicare, wiping student debt, and raising income support.<\/p>\n\n\n\n
\u201cJim Chalmers should also step in and use the powers that he has under Section 11 of the RBA Act to overrule the RBA to freeze interest rates.\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 twelfth time in thirteen months. \u201cThe case is now overwhelming for Labor to step in and override the RBA,\u201d he said. \u201cThe RBA is engaging in a war on young people with Labor\u2019s support. \u201cThe … Continue reading “RBA ENGAGING IN GENERATIONAL WAR WITH LABOR\u2019S SUPPORT”<\/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-21350","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\/21350","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=21350"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21350\/revisions"}],"predecessor-version":[{"id":21351,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21350\/revisions\/21351"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=21350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=21350"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=21350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}