Comments on: Jim Chalmers’ spray at the RBA is embarrassing https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/ On politics, media, business, the environment and life Mon, 09 Sep 2024 10:14:04 +0000 hourly 1 https://wordpress.org/?v=6.4.5 By: Metal Guru https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-751221 Mon, 09 Sep 2024 10:14:04 +0000 https://www.crikey.com.au/?p=1173409#comment-751221 “After the economic data this week, there’s a good chance that the RBA will change tack soon. But you can see what Chalmers is trying to do: shift blame onto the bank for the economy’s poor performance generally.”
And that is so correct. So Jim should. The RBA have been the enemy of the Australian worker for decades now and their period of low interest rates from 2016-2022 was solely designed to assist business and other coalition wide boys. The RBA said that interest rates would stay the same till 2024. They said also that the next wage rise was just around the corner. Lies both times. Why shouldn’t Chalmers give it to them both barrels?

]]>
By: Salamander https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-751194 Mon, 09 Sep 2024 05:14:25 +0000 https://www.crikey.com.au/?p=1173409#comment-751194 In reply to klewso.

Yup. And what a weasel word it is.

]]>
By: Salamander https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-751193 Mon, 09 Sep 2024 05:13:08 +0000 https://www.crikey.com.au/?p=1173409#comment-751193 In reply to jayho.

But too late.

]]>
By: Stephen Saunders https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-750837 Fri, 06 Sep 2024 06:06:29 +0000 https://www.crikey.com.au/?p=1173409#comment-750837 In reply to Drew.

I have not the faintest idea what you mean by “nativist Tanton Network”, let alone being linked to it. But nearly all the SPA donors are concerned private Australian citizens. Any links with “Koch (IPA/CIS)” only exist in your fevered mind.

]]>
By: Gonggongche https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-750738 Fri, 06 Sep 2024 03:42:56 +0000 https://www.crikey.com.au/?p=1173409#comment-750738 In reply to Gonggongche.

Have just been listening to Greg Jericho on an Australia Institute podcast/youtube video. What he says, and supports with figures, shows that the RBA ‘the economy is running a bit hot’ was wrong. From the figures he used I’d have said incompetently wrong. They got everything wrong, at a time when so many were saying it as it turns out it was.

Jim Chalmers should throw the RBA board, they are incompetent at best, and replace them all.

]]>
By: braddless https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-750650 Fri, 06 Sep 2024 01:30:03 +0000 https://www.crikey.com.au/?p=1173409#comment-750650 Two-dimensional neoclassical analysis is incapable of telling us anything useful about human existence. Its founding assumption, that the economy is a thing to be studied scientifically, is an intentional choice that conceals its value judgements and self-justifications behind an illusion of mathematical precision. When has this “precision” ever correctly predicted a recession? Never! It’s a theology, driving policy prescriptions that only ever benefit the owners of capital, and the rest of have to pay for it.

One of its prescriptions, the “independent” reserve bank, has become a self-justifying institution, acting to preserve its own power and mythology; and a giant blame-shifting exercise such that workers and consumers (the same people – us!) are always blamed for firms pricing decisions. The pricing power lies with the firms, yet we always pay for the inflation, then we always pay to fix it. The RBA governor’s threat to take people’s homes confirms that the RBA is a crime against humanity. They should be put on trial for every life that they have destroyed.

]]>
By: zut alors https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-750583 Thu, 05 Sep 2024 11:53:20 +0000 https://www.crikey.com.au/?p=1173409#comment-750583 The RBA isn’t the Thai Royal Family, criticism isn’t illegal.

How about we go way back to when the former Reserve Bank governor, Philip Lowe, recklessly lowered rates which then trapped borrowers to over-commit – after he assured them rates would not increase for a couple years. That’s the source of the current dilemma.

]]>
By: drsmithy https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-750574 Thu, 05 Sep 2024 10:16:56 +0000 https://www.crikey.com.au/?p=1173409#comment-750574 In reply to Gonggongche.

Country’s been in a per-capita recession for about a year. The only thing keeping the big number that everyone else looks at high enough is immigration.

Our leadership is in a “we’re gonna sell each one at a loss but make it up on volume” mindset.

]]>
By: President McBain https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-750571 Thu, 05 Sep 2024 10:00:32 +0000 https://www.crikey.com.au/?p=1173409#comment-750571 In reply to old greybearded one.

… and costs of energy and rental.

Which is the fault of not taming the east coast gas cartel, and not having a sustainable migration policy. Address those two policies areas and our economy would get in better shape pretty quickly.

]]>
By: M T K https://www.crikey.com.au/2024/09/05/jim-chalmers-reserve-bank-of-australia-inflation-spending/#comment-750568 Thu, 05 Sep 2024 09:57:07 +0000 https://www.crikey.com.au/?p=1173409#comment-750568 In reply to Andrew Bonnell.

Things have changed since the rumble with the Murdocks empire (aren’t they part of IPA?) just saying.

]]>