I BELIEVE the independence of the Reserve Bank of Australia (RBA) board has to be questioned. If it is so important to raise interest rates, then why did the RBA governor state that nothing would be done until after the 2022 federal election? Would not an earlier intervention have been a better strategy for the economy?
With an inevitable recession looming, why are the rates still being increased? If inflation is a bad thing, then why do we tolerate a hidden tax that increases costs by 10 per cent? For the benefit of generation Z, it is known as the GST. This tax hits the poorest, including working poor, hardest in society. Just who are these rising interest rates assisting when an ultimate recession will transfer assets, such as homes, into the hands of the already super wealthy?
