The sacking of RBA Governor Dr Phillip Lowe is a victory for accountability, but nothing will change for renters and mortgage holders until Labor changes its approach.
“Replacing one RBA insider with another is business-as-usual, and a clear signal that renters and mortgage holders will keep getting smashed to solve a problem they didn’t cause.
“Corporate profiteering and spending by the wealthy are the domestic drivers of inflation.
“Labor needs to tax corporate super profits and wealth. That would be anti-inflationary and reduce the pressure on the RBA to use the only tool it has.
“The decision to sack Dr Lowe is vindication for the Greens who have been calling for him to go for some time.
“Dr Lowe made a series of mistakes and poor calls that resulted in renters and mortgage holders getting smashed for inflation they didn’t cause.
“But corporate Australia will be heaving a giant sigh of relief today.
“It’s clear that interest rate rises will continue to be used as a tool to increase unemployment and suppress wages, and that monetary policy will not be used to address inequality or climate breakdown.”