Hundreds of thousands of Australians are homeless with more added every day.
The Defence Force is the most unprepared to defend Australia it’s been in 50 years.
Inflation has cancelled out all of the wage growth of the last ten years.
Let’s have a look at what Liberal and Labor are doing about it.
Why does the Reserve Bank want to send everyone broke?
The RBA will make its interest rate decision shortly.
In this video from the last interest rate decision, I explain how crazy their plan is and how it’s a problem they created.
When the ANZ CEO, the outgoing Chair of the Future Fund and the Reserve Bank all tell us that immigration and the net zero transition are inflationary, the Government should stop and listen. Instead they are pushing ahead with a massive arrivals program that is causing inflation and making life harder for everyday Australians.
The cost of net zero has been estimated by Net Zero Australia at $1.5 trillion. We are only a few hundred billion into that, so strap in, life is going to get harder still. Labor advertise themselves as the party of the worker but life for workers is harder under Labor.
The tragedy is that we already had a great electricity capacity and the world’s most affordable, reliable electricity. ALP/Greens/Liberal/Teal globalist puppets are tearing that down and building a worse option – weather dependent power.
One Nation will reverse this immigration and energy net zero perfect storm of financial and social mismanagement. We will reverse this perfect storm of dishonesty and stupidity.
As a servant to the many different people who make up our one Queensland community, I draw the Senate’s attention to remarks on Monday by ANZ Chief Executive Officer Shane Elliott. He said:
Australia’s massive green energy transition and immigration boom will further boost rising house prices.
Lending regulations have made this the most challenging lending environment in 30 years.
The 30 years reference is to Labor Prime Minister Keating’s 17 per cent interest rate nightmare. Labor has form on making life harder. These remarks are confirmation the government’s insane levels of arrivals are one cause of the inflation that’s hurting everyday Australians. The outgoing future fund chair, Peter Costello, warned Australia’s runaway immigration levels represent ‘an enormous adjustment for the property sector and the Reserve Bank’s inflation fight’.
Why is Labor, once called the party of the worker, pursuing an immigration policy that is creating high inflation and harming Australian workers so badly? Australia did not vote for high immigration, and Prime Minister Albanese has no mandate for this insanity, this inhumanity. Nor was the Prime Minister forthcoming in the last election about the true cost of net zero. Net zero Australia puts the cost at $1.5 trillion by 2050. If life feels hard now, we’re only a few hundred billion into the $1.5 trillion. Buckle up, this is going to hurt!
The tragedy is that we already had a great electricity capacity and the world’s most affordable, reliable electricity. And you globalist puppets are tearing it down and building a worse option: weather dependent power. Insane! As Shane Elliott asked, is this the society we want, where people can’t get a home loan or get a loan to start a business? Labor’s answer is clearly yes. That’s what life under Labor means—no home, no business, no future, no energy.
One Nation will reverse this immigration and energy net zero perfect storm of financial and social mismanagement. We will reverse this perfect storm of dishonesty and stupidity and callousness.
The new Governor of the Reserve Bank is not ruling out raising the cash rate again to further control inflation. She refers to these measures as part of a tightening phase.
The Reserve Bank is unwinding the massive expansionary monetary policy it took during the COVID response which created $500 billion out of thin air. Meanwhile the States and the Federal ALP are spending money like it is play money.
This spending acts against the Reserve Bank’s rate rises. This is why I say this Government is hitting the brake and the accelerator at the same time.
The high rate of immigration is expanding the economy and that also acts against the dampening effect of rate rises. The pain and stress of mortgage rate hikes can be attributed to the costly COVID response and to immigration. That is all on Prime Minister Albanese and Treasurer Chalmers.
One Nation will reduce immigration to reduce rents and take the heat of the property market, removing the need for further rate rises.
Senator ROBERTS: Congratulations on your appointment.
Ms Bullock: Thank you, Senator.
Senator ROBERTS: How does it feel being in a highly complex job which is affecting so many people’s lives and livelihoods?
Ms Bullock: I do feel a great deal of responsibility, Senator.
Senator ROBERTS: Thank you. Inflation has gone from 7.8 per cent, peak, to 5.4 per cent. In your speech yesterday you went on record to say the Reserve Bank will not hesitate to raise rates again if it looks like inflation is not coming under control. Is inflation coming under control? I’m guessing from your comments so far that you’re wary and there are signs that it’s not.
Ms Bullock: I’d say what I said earlier, which is that we got an important piece of information yesterday. We need to take that away, analyse it and figure out what it means for our forecast going forward. That’s no different to the comment we’ve been making to date, which is that we are—’wary’ is a good word. We’re looking at some of the more persistent parts of inflation and asking ourselves: are there signs that those might be coming down in the future? So, yes, we are wary. We don’t know if the job is done yet, and we’ve made that very clear. Even though we haven’t raised interest rates since our last interest rate rise in June, we’ve made it very clear that we might need to go again. We had not ruled that out, and we’re in the same position now.
Senator ROBERTS: When debating the need for a rate rise, is the effect on mortgage affordability, especially mortgage stress, taken into account? If so, what measure do you use, and what is that measure telling you about how hard life is getting for mortgagees?
Ms Bullock: We do understand that there is a distribution—let me step back for one moment. Higher interest rates and monetary policy work through a number of channels. The one that gets the most attention is what we call the cash flow channel, which is the impact on people who have debt. That gets a lot of attention, particularly in Australia, because, as Chris already mentioned, most of the debt of households and businesses is variable rate debt or very short fixed-rate debt. That’s why that channel gets the most attention, but there are other channels. In fact, Chris gave a speech on that fairly recently. One is the intertemporal channel, which basically means: as interest rates go up, people are incentivised to save rather than to spend, and in fact we are observing that. We are still seeing people in aggregate save, and there’s an incentive even for mortgage holders to save. Their interest rates have gone up, so, for them, there’s an incentive now to try and put even more away into their offset and redraw accounts if they can. That’s the other way that it works. Another channel is the exchange rate channel. The way that works is: as interest rates rise, the exchange rate—if everyone else wasn’t raising their interest rates the exchange rate would rise, but at the moment it means that it hasn’t fallen very much. It has been reasonably stable over the last year. We’re not getting inflation through that particular channel. There are other channels as well.
Senator ROBERTS: Do you measure the stress?
Ms Bullock: No. We can’t very precisely say: particular channels contribute X to inflation. We can’t do it that way. But they’re all the channels that we’re watching and trying to understand how they might impact.
Senator ROBERTS: How do you assess whether or not people are under mortgage stress? Ms Bullock: We don’t do individual mortgage stress assessments. What we can observe is data we get from the banks on hardship calls that they’ve got, arrears rates and those sorts of things. We can observe those at aggregate level. The feedback we’re getting at the moment, from the banks and from the data we see, is that that has risen but it’s still at very low levels.
CHAIR: Last question.
Senator ROBERTS: Surely the inflation that’s still hitting Australians has something to do with the Reserve Bank creating $500 billion out of thin air—or, as Dr Debelle said, electronic journal entries—over COVID. Have you thought about that? Your predecessor admitted it was a cause of the inflation problem, creating that $500 billion out of thin air.
Ms Bullock: Basically, you’re referring to the massive expansionary monetary policy that we undertook during the pandemic?
Senator ROBERTS: Yes.
Ms Bullock: I think my response would be that, at the time, we were facing a very, very dire economic situation, and the appropriate response at the time was to run a very expansionary monetary policy. We have now unwound that and we’re in a tightening phase, so, yes, the purpose of the expansionary monetary policy was in fact to encourage demand and encourage growth. That was very much the intention. To the extent that we look back and now say, ‘Well, demand is too strong,’ we are now in a tightening phase to wind that back. But I wouldn’t say it was the sole reason for the increase in inflation. You might remember that there were very big supply chain issues as well, and when constrained supply meets high demand, you get inflation.
Senator ROBERTS: Building on that, you have a very blunt tool to attack inflation, don’t you? Because the cash rate for the entire country is a very blunt tool to try to bring down inflation.
Ms Bullock: Yes, it’s a blunt tool.
Senator ROBERTS: Thank you.
As a servant to the many different people making our amazing Queensland community, I know rental prices are a savage problem. Interest rate rises are increasing mortgage repayments and forcing more investment property owners to dip into their own pockets to pay their mortgage. If owners do not have that extra money, then negative gearing is not going to help. Inflation of 7.8 per cent means that council rates, water rates, maintenance costs and insurance are making it harder and harder to hang on to investment properties.
Now the Greens propose a rent freeze, which is really a 7.8 per cent rent reduction each year that it goes on. The only effect of a rental freeze will be to drive investment property owners out of the market. Australia needs investment property owners to provide a home to people who are renting. Driving them out of the market will hurt the 400,000 new Australians who arrived last year and the one million likely to arrive during the course of this government.
Rising rentals are a product of too many people chasing too few rentals. We know 10 per cent of Australian homes are owned by investors who are not renting them out. Their investment strategy is to buy a new home and keep it locked up while it appreciates in value. Having a tenant in there is a complication they don’t want and lowers the resale value because the home is no longer new. Most of these properties are foreign-owned.
One Nation would give these owners 12 months to sell those properties to Australians. Bringing that number of homes onto the market would do more to bring prices down than a price cap. And One Nation would reduce immigration to net zero, meaning there would be only enough arrivals each year to replace those that leave. This will allow time for the housing construction industry to catch up with demand. It is about supply and demand.
These sensible, honest policies are One Nation’s solutions to high rents, which will protect real estate values from the chaos a rental cap will introduce.
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.
The Reserve Bank of Australia has just given $100 billion to prop up the banks but why is the government ignoring spending that would increase our productive capacity like road, coal power stations and dams?
[Marcus Paul] All right, the RBA this week cut the interest rate down to you know, virtually nothing. 0.1% interest rates. So I mean, it’ll help people buy or stay in their homes, but there is a cost of course, self-funded retirees as we’ve talked about on the programme, who rely on investment income, and seeing their returns fall to basically nothing.
[Malcolm Roberts] That’s right. And then so, these people providing for their so-called own retirement is just hot air, because the legs had been cut out from under them now. We’re now at the point where retirees are having to spend their capital, because the return on their nest egg is almost non-existent and heading negative. And what’s disturbing is that, you know, this is going to create a lot of pressure for people at a time when people don’t need it. And by printing another a hundred billion, and giving it to the banks, they’re going to prop up the banks to do more mortgage lending. This government, the state and federal are completely ignoring the need to invest in productive capacity. We need to invest in power stations, dams, roads, ports bridges. The Iron Boomerang Scheme, the Bradfield Scheme. These and many other prime investments, opportunities in our country
[Marcus Paul] Yeah.
[Malcolm Roberts] Are being neglected. And we need to get into building the productive capacity of our country.
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