Greens Senator Nick McKim Wants The Treasurer Over-rule The RBA

Trying2SaveABuck on 24/09/2024 - 13:50
Last edited 24/09/2024 - 14:14 by 2 other users

Nick McKim has renewed calls for Treasurer Jim Chalmers to “use his existing powers” to cut them. 'The RBA are not infallible high-priests of the economy, and they often get it wrong,’

Greens demand Treasurer Jim Chalmers deploy ‘crazy’ interest rate strategy

This is just insane the RBA is independent for a reason and although the Treasurer Jim Chalmbers have the power to over-rule the RBA decision this has never been done before and is incredibly dangerous - I find it insane and worrying that a senator doesn't understand high inflation is far worse than higher interest rates.

Poll Options

  • 19
    I agree with Senator Nick Mckim
  • 43
    I dont agree with Senator Nick Mckim
  • 401
    Senator Nick Mckim is a lunatic
Financial Interest

Comments

      • Ghost47 on 26/09/2024 - 13:42

        I’m not a boomer and I save diligently. Should younger generations who don’t travel every year or eat out every day be punished?

  • UFO on 25/09/2024 - 18:40
    +2

    RBA needs to remain independent and read the market without any political bias. Election cycles and keeping your job as a politician has no bearing on whether interest rates should move one way or the other.

    No one likes interest rate rises, but clearly its working. Inflation is back where it should be.

    • TEER3X on 26/09/2024 - 20:45

      No one likes interest rate rises

      Some people like to park their money in term deposits.

  • vid_ghost on 25/09/2024 - 22:43
    -3

    We vote who's in power and if the PEOPLE wants something.. (lower rates).. we must get it.. otherwise why do we bother voting?. If one person ignores us.

    • The Wololo Wombat on 26/09/2024 - 00:28
      +1

      You sound like the ideal greens voter….

  • Penguin30 on 26/09/2024 - 01:38
    +2

    If government spending was in check then rates could stay low unfortunately it's not. Government cry's inflation when they are the ones that caused it.

    Rates should and could be higher Aus still has one of the lower end cash rates round the world.

    • greatlamp on 26/09/2024 - 16:37

      Low interest rates managed by the RBA caused inflation. Government payments (money printing) is not significant in comparison to the amount of lending by private banks and increase in asset prices that follows.

    • Cluster on 26/09/2024 - 17:11
      +1

      Let's see…

      Euro zone: 3.65%. That's over 400 million people.

      USA: 5%. That's higher than us, but they are on a downward trend and only 0.65% higher.

      China: 3.35%

      Japan: 0.25%. They're the perpetual outlier

      Not really seeing the case here to keep raising rates.

  • surg3on on 26/09/2024 - 11:56
    +2

    I am as green as they come however The Greens are not a political party that want to lead. They are a bunch of cynics who have found a way to leech off the public purse.

  • R4 on 26/09/2024 - 12:14
    +2

    McKim is a socialist idiot (and as we know, socialists know jack sh 1t about real economics) but not that long ago, in some countries (and may still be happening), the treasurer/finance minister set interest rates. This was the case in the UK up until the 90s. It worked as rates were kept artificially low as it was politically popular - until their chancellor had to put them up, I think, 4% in one go in order to stave off a financial crisis, causing a recession and housing price crash. Not a good idea.

  • BanannaMan on 26/09/2024 - 16:08

    Anything for publicity these days

  • lonewolf on 26/09/2024 - 20:41

    There was an article i read a little while ago, where they claimed only about 40% or maybe it was 30% of people have got loans and hence a certain % of people are targetted to try to get inflation / spending down across the board. If thats the case, its not really the best method of doing it is it? That % of people are adversely targetted while others only get affected at a much lesser level.

    • TEER3X on 26/09/2024 - 20:47

      It is the best method of doing it…. It is what it is.

  • lachhelix on 27/09/2024 - 01:08

    Imo both the RBA and old mate Nick have NFI and make it up as they go along

  • saltypete on 27/09/2024 - 08:54
    +1

    Lots of countries do this - shortly before their economy goes down the toilet…..
    The greens are just stupid atm. Leaves a dilemma as to who to put last preference when we get around to voting.

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