Reverse The Rate Rise And Spend Our Way Out Of This Misery

Today’s interest rate rise is not only a mistake – it is a tragedy.

It is a tragedy that the Reserve Bank is trying to belt us out of a recession instead of allowing us to spend out way out.

It is a tragedy that they told us last year there would be no increase in interest rates and now here we are, with interest rates heading towards the bad old days.

The Reserve Bank is the play thing for the major banks in this country and their obscene profits every year. The current boss of the Reserve Bank, Philip Lowe, showed some gumption a year or so ago when he said interest rates should remain low to fight inflation. But of course he was shouted down by a media blitz from the big banks who want rates to rise to collect their management bonuses.

The tragedy of today’s announcement is that interest rate hikes are likely to continue, uncertainty will prevail and everyone will sit on their hands.

My answer. Reduce interest rates and at the same time reign in Government spending and get government to reign in prices it has control over. Reign in power prices, reign in gas prices and reign in petrol prices…….the core drivers of inflation sponsored by Government.

I am now starting my own political party, the Owners and Renters Party of Australia, to keep these bastards honest. Please join me.