While rate rises may have been foreseeable, they are only happening because of the Government’s incompetence causing inflation in the first place.
The government printed hundreds of billions of dollars out of thin air, leading to massive inflation which the RBA is trying to bring under control with a sledgehammer.
Australians who bought a house under the RBAs promise that rates wouldn’t rise until 2024 are struggling with more pain to come.
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Such a wrong scenario – only a privileged few from our children’s generation are able to attempt home ownership, and are struggling because of it
So much for the Great Australian Dream Megan. They are creating a class system with only a select few at the top. I feel so sad for our young folk.
If the RBA keeps going on like this, they will be the cause of Australia’s recession.
The RBA do NOT give enough time for the one rise to take effect and to see a drop in inflation.
But then I am beginning to believe these idiots have been in their position for far too long and can see the forest because of the trees.
The tide will turn if what I read on some sites, (before they know I am in there reading as I am not a member), but people are angry at the Governments and revenge/justice is coming their way. People are fed up with the BS and lies and most now know what all the Govts are up to.
People are definitely fed up. Personally I believe the RBA were fully aware of what was coming. This is was a planned increase to place everyday Australians into further debt and despair. Absolutely shameful behaviour from RBA.
Bring back the ‘Gold’ standard!.
https://www.9news.com.au/finance/australia-interest-rate-update-big-banks-pass-on-cash-rate-hike/33e73903-5b5a-4c3a-b92e-9e353199495e
Before and again, I have made mention to the fact, that INFLATION is in the very hands of the public and of every working member and household in Australia.
I am not singling out any group in particular, but if you control the family budget and it’s spending power, then very action by SPEND either the weekly wage or use the family credit cards, will impact on inflation, the more you spend or place on ‘TICK’ will raise inflation and place pressure on mortgage rates.
Whether we spend, because we are ‘bored, frustrated with our social lives or just love to go shopping and have a ‘splurge’’, sure it is your money and your responsibility to pay it back, the trouble is the healthier the economy, the more we spend, the more the RBA hikes up our mortgage interest rates, so we have what is called a ‘double edged sword’, the more we spend, the more the RBA puts up our rates, which burns or cuts us for the second time.
Now I am not saying to cut out spending all together and I know how addicted we are to throw away and buy something new to either place on our shelf, in our home or on our backs and the esteem, prestige and rush we get from ‘splashing the cash or credit’ either on the phone or in person at a store.
Just take a minute and think, do I need that item, service or that expensing ‘bauble’ or brand new car? what is wrong with the 2 year old car you have? I know, it is not NEW, but you are still paying off a 30 year house and land package, that you keep dipping into its equity each and every year, for an expensive overseas holiday, so five years down the track, you are no further ahead and will be still paying it off until you are 70 or letting your siblings do the honours.
So you believe, I am a ‘smug, know it all, that has no mortgage and is debt free, well you are right! When I paid off my mortgage and there was plenty of them, the interest rates were as high as 21%, house loans were as low as they are today about 4%, but if you wanted a loan for a car or holiday, third party loans started at 9% for a new suit and worked upwards depending on how much you wanted to borrow and the collateral you offered up to secure it.
So please don’t tell me how lucky we were then, how cheap was the housing, the cars and my desires for ‘living a better life style’, look you can beat yourself up, by spending on the good life and whinging on the cost of LIVING or get smart, reeling in the spending for the time being and ‘low and behold, cheaper interest rates’, also no smart comments from the blokes, about how do I keep my wife happy, if you have to ask that then you are not much of a stud, I answered a post on FB, this morning, how much does it cost to keep a woman’s interest in her marriage, I answered, ‘give her all the money she needs to spend in one day, tomorrow she will forget your name, repeat the same thing tomorrow’, one lass replied, ‘you are possibly right and I bet you are no longer married’, I didn’t reply, but she was wrong, I just have the right partner and we live within our means, we are both happy and content and yes to you very boring!
David Lipari.
The underwhelming federal treasurer claims, “The Reserve Bank acts independently of the Government,” – but it doesn’t act independently from other central banks.
Most other central banks are owned by a small number of uber-wealthy families. They have a profit motive. “Our” RBA is ostensibly publicly owned. So why does it act in lockstep with the others?
Why is the RBA illogically punishing home-owners and businesses by raising rates when, as you’ve said Malcolm, the cause of inflation is creating money out of thin air, and is contributed to, as Chalmers says, by “problems with global supply chains in the wake of the pandemic”?
If the Albanese government really wanted to address inflation it should:
1. Close the RBA and return to a gold-backed currency;
2. Debunk the carbon hysteria and return to cheap reliable electricity and fuel;
3. Disavow the Malthusian globalist lunatics at the UN, WEF, WHO, etc, and reclaim Australian sovereignty.
They won’t, of course, because they’ve signed up with the globalists.
The banks rule, government are just there to placate the masses but in the end, the banks rule. Hawk and Keating started it and here we are in the middle of it. You need to understand there’s a cult or two behind all this. Remove the cults and it all goes back to a system outside of the current “human farming model” we endure. The cult infiltrates government and has done for a while now. There’s other cults and they all work together to maintain the human farming system. Throw the baby out with the bath water; democracy is a farce; an illusion called “fabian socialism” where the illusion of choice is given; there are no parties, there’s just red on blue and the cult itself has pervaded every aspect of your lives; education, medicine, corporation and government. In the end if you remove everything and are left with the cults, you’ll find the entire political arena to be a massive “shell game” that’s been done for centuries. We either re-establish democracy or we oust the parasitic cults and make people aware of the human farming model. It will dissolve itself overnight if people realized they are being constantly manipulated by “opinion makers” who are playing both sides.
Spot on Peter, very well said. As for Chalmers he is a foreign influenced WEF Puppet with his own page on the WEF Website along with many others in government. Bloody Traitors the lot of them.
Peter you’re absolutely correct at what is at stake here. Ordinary Australians are being sacrificed on the altar of the WEF agenda. Our sovereignty as nation is being eroded daily and the financial system along with it. This link is a very good insight into the mess the WEF and the associated world banks have caused
https://thephilosophicalsalon.com/senile-economics…/
Peter correct in what you say . but they are being payed by the globalists .
How the hell can Jim Chalmers be appointed a Treasurer when he has no qualifications in Accountancy. Also this false title of Doctor, he is not a Medical Doctor. He has a PhD in political science, woopdy doo. The incompetence of these traitors is beyond belief and they all need to be removed from office now. We had to get rid of SCUMMO but to put this clown ALBO in his place is far beyond a joke.
To think…
If we printed money, we’d be thrown in gaol….
If a government body has not done their job well, then they should be made to step down, not continue along trying to plug the holes they’ve created. It has gone on & on like this for far too long, the numbers game should be kept on top of as its happening not only once the devastation has hit, is this not the job at hand that’s to be done?. Where has the money gone?
Too many people perhaps on huge wages that they’ve earned, but perhaps not proven that they’re worth.