MIL-OSI Australia: RBA continues to punish households

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Source: Australian Green Party

By refusing to cut interest rates today, the Reserve Bank has decided to continue punishing households for an inflation crisis that they did not cause, the Greens say.

“In a time when economic inequality is deepening and ordinary Australians are struggling under the weight of financial stress, the Reserve Bank’s failure to cut interest rates is an active decision to make that stress worse,” Greens Economic Justice spokesperson Senator Nick McKim said.

“This decision fails to recognise the urgent need for relief among mortgage holders and renters alike, who are already battling the cost of living crisis that has seen prices for essentials skyrocket.”

“The RBA were extremely quick to put up rates, they need to deliver relief to households with the same pace and urgency.”

“Constant rate rises in 2022 and 2023 were a policy failure, they are deciding to double down on that failure by not cutting rates now.”

“Given the scope of the RBA’s poor decisions, Treasurer Jim Chalmers needs to use his powers under the Reserve Bank Act and bring rates down.”

“He should also ditch the tax cuts for the wealthy, and start investing in genuine cost of living relief, like bringing dental and mental health into Medicare.”

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