Hurting enough? There's got to be a better way to run the economy

Banking appears to be racketeering, by pervue of govt writ……

Oh look, another recession we had to have under Labor

There’s no point getting mad at the RBA. Their hands were tied once the catalyst of lockdowns were enacted.

@stephen Saunders….at least Albo is trying to do something that LNP had 9 years to do and didn’t do it
The previous LNP installed Lowe when Morrison was the treasurer of this great country and we went downhill after that
Dr Lowe should go and take his other mob with him
He has no idea what is being done….he is just trying to make himself look ‘intelligent’
He is fat from that

“And every month, the grounds for jacking up rates seem to shift.”

It was just the same when, in pre-pandemic times, rates were cut or held steady – regardless of economic fundamentals – with the blatantly obvious purpose of propping up and further inflating already mad asset prices.

In those days, the usual pretext was economic statistics selected and interpreted with Kardashian-level artificiality along, at times, with some forlorn waffle about breathing those elusive “animal spirits” into a lazy, bloated economy run by people (of all political persuasions) who were too busy working out how best to buy votes and feather their mates’ nests with the windfall revenues from the epic mining boom and the housing price bubble to be bothered turning their minds to building a robust economy which will survive the end of that boom and the popping/deflation of the bubble.

Sadly, the RBA and the others who have had their sticky mitts on the levers have been all too successful in propping up asset prices (hence the extra pain that many Australian mortgagees are now feeling compared to their counterparts in less over-priced countries) but have failed dismally in building a more resilient economy. The Albanese government has some policies which will help with the latter, but it is clearly also infected with a large dose of Magic Pudding thinking, so progress will be patchy.

If Lowe can deliver more home truths, such as his recent effort to turn the public debate on to our awful productivity performance, on the way out and after he starts collecting his very, very nice pension he will be doing us a favour – even if it does not always feel like that to those on the receiving end.

Look over there, at Global Climate Warrior Albanese. In the nick of time, saving the Planet. Look over here, at Bad Old Phil Lowe. Cruelly stiffing, our suffering home buyers.

That 715K migration over 2023-25? Thank god for our World’s Best Treasurer. It is Best Practice don’t you know? All the Anglophone Nations are Immigration Raptors.

Once again Bushnell pushes the blatant mistrust that Lowe has been providing “advice” to struggling people.

He did no such thing, recognising facts is not providing advice.

As housing costs increase, the average amount of people per house will grow.

As housing costs increase, people have less disposable income, so will spend less and increase working hours where possible.

Those points aren’t remotely controversial regardless of what Joe Bloggs on Twitter might think.

And I’ll definitely take the Reserve banks ability to look at all the most recent data and make the most reasonable and balanced decisions over what “many people” (who?) might think over the currency of their economic data.