2024-09-10
The Greens are urging Treasurer Jim Chalmers to use his powers to bring down interest rates, which continue to smash mortgage holders and renters across Australia.
“High interest rates are crushing mortgage holders and renters. Jim Chalmers needs to step in now to give them relief,” Greens Economic Justice Spokesperson Senator Nick McKim said.
“According to Jim Chalmers himself, the Reserve Bank has smashed the economy. Dr Chalmers has the power to reduce interest rates, and he must act before more damage is done.”
“Given the Coalition's decision today, and Dr Chalmers’ comments, the Greens are ready to engage in good faith with the Treasurer.”
“We are very motivated to see Section 11 of the RBA Act and Section 36 of the Banking Act retained.”
“While the Greens are willing to work with the Treasurer, it’s crucial for the power of a democratically elected government to override decisions of the RBA to be maintained.”
“Removing democratic oversight over the RBA would be Labor’s final capitulation to the power of capital, and to the neoliberal agenda.”
“Section 11 gives the Treasurer the ability to intervene to override the Reserve Bank when necessary. Dr Chalmers should use that power now to reduce interest rates and retain it so it can be used in the future.”
“Section 36 allows the RBA to direct funds to productive areas of the economy like clean energy, rather than just the continued pumping of money into housing speculation.”
”Labor's Future Made in Australia will involve the Government direct capital into productive parts of the economy, so the Treasurer should be comfortable with the Reserve Bank using its levers to do the same.”