Labor needs to ensure the RBA stays paused on interest rates


Greens’ Economic Justice spokesperson Senator Nick McKim has responded to the RBA’s decision to keep rates on hold today.

“The RBA’s decision to keep rates on hold is welcome, but recent history shows there remains a risk that they will go up again soon.”

“Labor needs to act to make sure the RBA does not raise rates again in the near term.”

“Unnecessary rate rises have already inflicted immense pain on those who can least afford it because Labor has failed to act.”

“Mortgage and renters have been smashed by record rate rises and will remain nervous that there are more to come.”

“And the risk of recession due to previous rate rises remains real.”

“Real wages continue to go backwards and the prospect of a wage-price spiral remains a fantasy.

“And it’s the lowest paid and least secure workers who are set to be among the 140,000 who will lose their jobs as interest rate rises start to bite.”

“Meanwhile, corporate CEOs are getting a 15% pay increase for increasing prices which is actually fuelling inflation.

“But Labor is failing to use the fiscal and regulatory levers it has to make people’s lives better.”

“Anthony Albanese and Jim Chalmers were elected to ensure no one was left behind.”

“Their failure to either rein in the RBA or start doing any of the heavy lifting makes them complicit.”

“If Australia is smashed into a recession, it will be Labor’s recession.”

“Their passive acceptance of the neoliberal ideology that is driving the RBA is a betrayal of their roots.”

“A real Labor government would be taxing corporate super profits and the super wealthy, bringing in price caps on things like rents and electricity, and making childcare and dental health free to help reduce the cost of living for those struggling to get by.”