>“For Australia, the problem is that this is the world’s most significant central bank. If the threats to independence are happening there, then it would happen here.”
>There is already a constituency on the left who would be happy to abandon the principle of central bank independence.
>The Greens’ economic spokesperson, Nick McKim, in September last year demanded Jim Chalmers “show some courage” and exercise his legislative powers to “directly override” the RBA and force it to cut rates.
>Populist figures on the right, such as rising Liberal figures like Andrew Hastie and Senator Jacinta Nampijinpa Price, may choose to follow Trump’s lead, especially should the RBA raise interest rates this year.
>Unions have been deeply critical of the RBA for keeping rates too high at the expense of jobs, but still publicly back its independence.
>Oliver said “in some ways [Australia’s institutional settings] are already weaker than the Fed”.
Yet another loophole in Australia’s democratic institutions…
Domigon on
Best hope we have is that a U.S. fuck up serves as a demonstration of what happens when you screw up Reserve Bank independance.
GravityStrike on
Australian leftists blaming Australian inflation on Trump is a new level of cope for their failed economic policies.
Obviously global rates are correlated but if the US was the reason for Australian rates rising then how is US inflation falling now whilst Australian inflation stays sticky.
Peak Guardianista journalism.
LordWalderFrey1 on
>The Greens’ economic spokesperson, Nick McKim, in September last year demanded Jim Chalmers “show some courage” and exercise his legislative powers to “directly override” the RBA and force it to cut rates.
>Populist figures on the right, such as rising Liberal figures like Andrew Hastie and Senator Jacinta Nampijinpa Price, may choose to follow Trump’s lead, especially should the RBA raise interest rates this year.
Genuine stupidity from McKim and it will be just as stupid if the right choose to follow their god-king Trump. If the independence of the RBA was not followed, what is stopping the government from dropping interest rates every time an election is near.
While some of the decisions and thought processes of the RBA can be criticised, its independence is paramount.
Constant-Simple6405 on
The US economy is already in crisis. Their current debt level says all you need to know.
Jealous-Hedgehog-734 on
The US is only 8 to 9% of two-way trade with Australia. Even if the US Zimbabwe’s it’s currency it’s unlikely to have a huge impact on Australian inflation.
6 Comments
>“For Australia, the problem is that this is the world’s most significant central bank. If the threats to independence are happening there, then it would happen here.”
>There is already a constituency on the left who would be happy to abandon the principle of central bank independence.
>The Greens’ economic spokesperson, Nick McKim, in September last year demanded Jim Chalmers “show some courage” and exercise his legislative powers to “directly override” the RBA and force it to cut rates.
>Populist figures on the right, such as rising Liberal figures like Andrew Hastie and Senator Jacinta Nampijinpa Price, may choose to follow Trump’s lead, especially should the RBA raise interest rates this year.
>Unions have been deeply critical of the RBA for keeping rates too high at the expense of jobs, but still publicly back its independence.
>Oliver said “in some ways [Australia’s institutional settings] are already weaker than the Fed”.
Yet another loophole in Australia’s democratic institutions…
Best hope we have is that a U.S. fuck up serves as a demonstration of what happens when you screw up Reserve Bank independance.
Australian leftists blaming Australian inflation on Trump is a new level of cope for their failed economic policies.
Obviously global rates are correlated but if the US was the reason for Australian rates rising then how is US inflation falling now whilst Australian inflation stays sticky.
Peak Guardianista journalism.
>The Greens’ economic spokesperson, Nick McKim, in September last year demanded Jim Chalmers “show some courage” and exercise his legislative powers to “directly override” the RBA and force it to cut rates.
>Populist figures on the right, such as rising Liberal figures like Andrew Hastie and Senator Jacinta Nampijinpa Price, may choose to follow Trump’s lead, especially should the RBA raise interest rates this year.
Genuine stupidity from McKim and it will be just as stupid if the right choose to follow their god-king Trump. If the independence of the RBA was not followed, what is stopping the government from dropping interest rates every time an election is near.
While some of the decisions and thought processes of the RBA can be criticised, its independence is paramount.
The US economy is already in crisis. Their current debt level says all you need to know.
The US is only 8 to 9% of two-way trade with Australia. Even if the US Zimbabwe’s it’s currency it’s unlikely to have a huge impact on Australian inflation.