Dr Lowe is running cover for corporate interests


Greens Treasury spokesperson, Senator Nick McKim, has responded to today’s decision by the RBA to lift interest rates for the seventh consecutive month.

“Dr Lowe is running cover for corporate interests and inflicting real pain on those who are least able to bear it.”

“Interest rate increases will conquer inflation only by putting people out of work and sending real wages further backwards.”

“This is exactly what corporate Australia wants and what Dr Lowe is delivering.”

“Inflation has been triggered by a pandemic, war and climate breakdown, and fueled by corporate profiteering.”

“Dr Lowe is claiming that wages are ‘continuing to pick up’ and that a ‘further pick-up is expected’.”

“Yet last week’s budget has real wages flatlining over the next four years.”

“And in what world is there any possibility of the prices-wages spiral that Dr Lowe is warning of?”

“Meanwhile big corporations are reaping mega profits and global gas giants are taking the whole country to the cleaners.”

“Neither the RBA or the Government have explained why interest rate increases are the right response to supply-side shocks or price gouging.”

“The RBA should have stopped rate rises months ago and should not have put them up today."

“And the Government needs to get into the game instead of watching from the sidelines.”

“Their Government’s austerity-lite Budget did little to assist low income households and nothing to tackle inflation.”

“Taxes on corporate super profits and wealth accumulation can both help slow inflation and fund cost-of-living relief.”

“We can do better than blindly follow the rest of the world into a recession we don’t have to have.”