The Reserve Bank’s failure to bring down interest rates puts the ball squarely in Treasurer Jim Chalmers’ court to act, the Greens say.
“Jim Chalmers has said the Reserve Bank is smashing the economy, but now he has a clear choice: let them keep doing it or finally use powers available to him to bring rates down,” Greens Economic Justice Spokesperson Senator Nick McKim said.
“Dr Chalmers could use either fiscal or monetary policy to bring down inflation and he’s currently choosing neither.”
“If the Treasurer is serious about wanting to bring inflation down and ease interest rate pain, he needs to step up with real, concrete action: tax corporate super-profits, clamp down on corporate price-gouging, and freeze rents.”
“He could also use the Section 11 powers to directly override the high interest rates that he says are ‘smashing the economy’.”
“Labor cannot keep standing on the sidelines and let people continue to suffer.”
“Dr Chalmers has the power to bring relief to those who badly need it – he just needs to show some courage.”
“Labor can criticise the Greens all they want, but they are in government and their policies and inaction have put Australia in a per capita recession.”
“Labor is watching the Reserve Bank drive people to the wall and doing nothing.”