THE RBA got it wrong. Instead of continuing low interest rates as optimistically predicted by RBA governor Philip Lowe, we now have much higher rates and average mortgages struggling to find an extra $200 per month. In response to increased repayments to banks, landlords are increasing rents to their tenants. The RBA governor, through his erroneous advice, has added to hardship, as home buyers continued to borrow, in the expectation that interest rates wouldn't rise much, if at all. ('We've had our Phil', Newcastle Herald, 7/7).
There are certainly more interest rate rises to come before inflation falls back to the RBA's preferred rate. If the RBA gets it wrong again, we could end up with a 'hard landing' recession and the misery that this entails.
Sack Lowe, by all means. As a CEO and economist, he has made some wrong decisions and wrong calls. But his sacking will not solve the problems of the banking industry as far as the public are concerned.
At present, banks are disinclined and are not obliged to raise interest on their borrowings. They are busy recouping profits as their new loans decline. Moreover, the retail banking industry, along with retailing and petrol sales, continues to be a non-competitive, monopolised industry, where sellers continue to rip-off the public. Retailers dictate the wholesale prices at which they buy supplies (borrow money), as well as dictate the retail prices at which they sell (lend money).
Maybe the federal government, instead of conducting a review of the RBA, should conduct a further review of the anti-competitive behaviour of the banking industry. This time, when a royal commission makes recommendations about keeping watch over banks' behaviour and prosecuting banking executives for their criminality, and about trust-busting, perhaps the federal government might do something.
Geoff Black, Caves Beach
Stop throwing our money around
SCOTT Morrison said it won't be easy under Albanese.
I hate to admit it, but how right was he? Out of the country, he throws money (our money) with gay abandonment, yet at home groceries are up 38 per cent, fruit and veg is up 95 per cent, petrol up by 40 per cent - the list goes on and on and on.
The money he is scattering worldwide is not his. The government has no money. What they have is our money in trust. The old saying comes to light: never trust a politician with your cheque book.
I am watching what he is throwing hither and thither locally, ie. flood victims who in many instances have been flooded umpteen times over in the past 10 years.
I heard a radio announcer say that the vehicle accident rate for older Australians is massively down - no bloody wonder, they can't afford to buy petrol. Yet, Money Bags goes out and makes himself a hero at the expense of those who put him in power.
A good old saying by Gough in the past was "God help Australians", because nothing will help Albo unless he starts looking after his dyed in the wool Labor voters.
Pensioners are too tough to starve out, all he is doing is opening the gate to political oblivion.
Dennis Crampton, Swansea
Holes deeper than their pockets
IS it that the local council doesn't want to pay overtime for repairs to the numerous potholes in our local roads?
I could write a list of roads affected, but I'm restricted to 250 words. But if you drive along the entry roads to the new Brush Creek suburb, it's not uncommon to see cars driving on the wrong side of the road to avoid the deep holes. Come on council, open your pockets and get these holes fixed before a head-on happens.
To add to that, today while driving up Minmi Road, a kangaroo jumped out of the bushland near the Brush Creek entry road. It jumped in front of a bus, the driver swerved missing the roo, but took the bus into my lane coming up the hill. I swerved - no contact. You often see roos in this area. Their habitat has dwindled to nothing.
These animals need relocating before they are killed or people get caught-up in confrontation.
Several events have happened in Cameron Park with people walking their dogs early in the morning and a roo has taken offence to dogs, showing aggression while the owners are in tow. These iconic animals have nowhere to go, they are boxed in on all four sides by progress.
Council or WWF need to relocate all these trapped native animals to new abodes before confrontation occurs.
Graeme Kime, Cameron Park
'Hoarder' label is too simplistic
I NOTE the letter from Kaye Duffy of Newcastle regarding the many animals that were freed from a vehicle from Newcastle Foreshore, ("Animal rescue group stepped up to help", Letters, 15/7).
Ms Duffy is correct in her assertion that the animals needed to be saved. But what concerns me is the flippant assertion that the owner of the 20 cats or dogs was a "hoarder". One needs to consider why people develop hoarding attributes, also why was this person living in a car.
I'm sure the so-called hoarder actually had a reason to be living in the vehicle with their pets. Maybe chronic homelessness and possibly mental health issues impacted on the situation.
Let us not cast aspersions on those that are needy in our community and assist the animal care providers to delve deeper into the issues of poverty, homelessness and mental health.
A "hoarder" is far too simple.
It seems to me that they were in need of assistance to gain access to the various services that could help.
Wayne Barrett, Waratah
Bandt all too aware of reality
YOUR recent editorial claims that Adam Bandt's insistence that Labor rules out any new coal and gas projects "flies in the face of reality", ("Greens need to get real on climate", Opinion, 15/7). Whose reality?
It wouldn't be the reality of the tragedy, homelessness, bankruptcy, social upheaval and billions of dollars in costs to the taxpayer caused by the latest fires and floods reported with such emotion in this paper. Or the reality that the decade 2010-2019 was the warmest ever recorded. Or the fact that the world remains way off target for a maximum 1.5 degree increase in temperature as outlined in the Paris Agreement. Or that the Secretary General of the UN stated that to prevent climate catastrophe countries "need more ambition on mitigation, ambition on adaptation and ambition on finance." Or the fact that Pacific island nations are imploring Australia to help save their sinking islands by ending its "fossil fuel addiction, including coal".
The reality is that Bandt did not demand coal and gas be shut down by 2030, but insists no new projects commence. Fossil fuels will still have a part in an "orderly transition". You claim Bandt is "blind to the reality of the contemporary political landscape". I believe he's well aware of it . Perhaps an editorial on the conflict of interest that envelops the major parties over huge donations from the fossil fuel industry and their influence in policy decisions would be timely.
John Arnold, Anna Bay
SHORT TAKES
IN regard to City of Newcastle passing the buck and using wet weather as an excuse for road deterioration, King St, Waratah, has been in a poor state for three years along with Vera St. Grass is growing through the pavement. I have recently had to replace ball joints in my car. I know what the result would be if I sent my bill to the council. I also know what the answer would be if I didn't pay my rates. I am sure there will be a political reply. Not happy, Jan.
Tony Morley, Waratah
I'M writing this letter to whinge about all the people who keep writing letters to whinge about other people writing letters to whinge about one thing or another, especially about politicians and other public figures whingeing. There seems to be a popular theory that the more we all whinge somehow the more improvement we'll get. I admit it seems unlikely to me, but just in case I'm wrong I'm doing my bit.
Michael Jameson, New Lambton
THE story described in Milton Caine's letter ('Telstra, shame on you', Letters, 14/7) about Telstra's treatment of his 90-year-old friend should be on the front page. The situation he has described is outrageous and reveals a level of bureaucracy at Telstra that is all too familiar.
Judy Wells, Carrington
I TOO was offended and astounded to read Rick Frosts' letter ('Indignation over flags debate 'misinformed'', Letters, 12/7) regarding Aussies fighting to repel threats to our country. Is he serious? My father (air force) and uncle (army) were in Townsville, Darwin and on the guns in Newcastle's east end when the Japanese attacked. A friend's dad (army) was in New Guinea. Please explain, Mr Frost, we're waiting!
Sandra Iceton, New Lambton Heights
THERE'S been some talk about raising the wall on Warragamba Dam. While this would work in times of drought, it certainly doesn't solve the flooding problem. The water from this dam is piped to Prospect Reservoir and supplies most of the drinking water for the Sydney metropolitan area. It begs the question then, why can't this water be pumped from the reservoir directly to the ocean when there's an excess. Problem solved. When your pool is full, you don't pump it into your own backyard.
Neil Meyers Warners Bay
THE floating COVID incubators are back on the high seas. We need a rule that cruise companies can only sell one-way tickets.
Peter Moylan, Glendale
DR Kerry Chant warned us that more than 10,000 Australians have died from COVID. Shouldn't the vaccine prevent this?
