The Reserve Bank’s record tenth consecutive interest rate rise is a clear indication that the central bank is out of control and needs to be reined in, the Greens say.
“The RBA’s response to a problem it doesn’t understand with a solution that doesn’t suit is a form of institutional madness,” Greens Economic Justice spokesperson Senator Nick McKim said.
“The RBA itself has found that inflation is being primarily driven by supply side shocks and corporate profiteering, and has admitted that there is very little that monetary policy can do to offset supply shocks.”
“It has also said that the monthly CPI indicator suggests inflation has peaked.”
“Yet despite all this, the RBA continues its relentless interest rate rises.”
“The government needs to wake up and take action to save renters and mortgage holders from being smashed by the RBA’s dogmatic interest rate rises.”
“Instead of continuing to sit on its hands, the government should tax corporate super profits and the super wealthy then work with us to freeze rents, raise income support, and put dental and mental health into Medicare.”
“The RBA’s actions are exacerbating inequality and causing hardship for those who can least afford it.”
“The Greens call on the Treasurer to take immediate action to address the economic crisis caused by the RBA’s misguided policies, and to start putting the interests of everyday Australians first.”