Hot boy in the house (of representatives).
The Reserve Bank revealed it expects price pressures to grow through the rest of the year,which may require another lift in official interest rates.
The Reserve Bank now says that when it comes to interest rates,it is “not ruling anything in or out”.
Treasurer Jim Chalmers has opened applications for people to sit on the committee that will set official interest rates and run the Reserve Bank itself.
Former treasurer Peter Costello told a Senate inquiry that parliament would surrender its sovereignty if the treasurer lost the power to overrule the bank.
One day,the politicians who carry the can politically for inflation miscalculations will revolt against the arrogance of their economic gurus.
The slowdown in spending by Australian households is gaining speed,according to the latest figures released by the Australian Bureau of Statistics.
Since its creation,the RBA has been something akin to a bunch of mystics. Now the Reserve and especially new governor Michele Bullock are expected to perform on stage.
The bank held rates steady on Tuesday and is concerned about the 5 per cent of borrowers it said were not earning enough to meet essential costs.
The Reserve Bank has,like clock-work,met on the first Tuesday of the month to set interest rates. That is about to end as it embarks on major reform.
There was nothing in Wednesday’s November inflation data that would provide an incentive or excuse to raise rates in three weeks.