WENDELL HUSSEY | Cadet | CONTACT
The nation’s federal Treasurer has today revealed why everything is pretty grim economically at the moment.
Speaking to The Advocate in an exclusive interview about the state of the economy, Dr Jimothy Chalmers has explained that the current economic woes of the nation are all the Reserve Bank’s fault.
Talking a pivot from the Prime Minister’s youthful spin on the housing market being ‘brat’ right now, Chalmers has sought to lay blame for everything at the feet of the central bank.
“Unfortunately, I would really love to be able to do something about the cost of living crisis, the housing bubble, and the rising rate of unemployment,” began Dr Jimothy.
“But, the Reserve Bank have really fucked us on this one.”
Chalmers comments come off the back of the RBA raising the cash rate 13 times since May 2022, from 0.1 per cent to 4.35 per cent.
The moves were an effort to slow stupid poor people spending to make sure the economist’s graphs and numbers all link up okay.
Raising rates to try and curb inflation is also the only tool the central bank has to attack inflation – unlike the government who could do a vast array of things to change the economic landscape.
When asked as to why his government hadn’t pulled the mechanism on gas prices nearly 2 years after threatening to pull it, Chalmers shrugged.
“Yeah um that’s like a tricky one, and would really upset the energy market,” said Chalmers.
When asked why he hadn’t done anything to combat the commercialisation of the human right to live in a house Chalmers also shrugged, saying that realistically he didn’t have much control over that either.
He offered up similar answers when asked about things like supermarket price gouging, Big 4 bank profiteering, and so on.
It wasn’t really clarified what Big Jim had control over, other than the Reserve Bank.
More to come.
