Reserve Bank Governor Philip Lowe and his board have pushed up interest rates yet again – for the twelfth time in 14 months – because they want to damage the economy further.
Home prices have been climbing for three straight months – in March, April and May – instead of continuing to fall as they had been since the Reserve Bank of Australia (RBA) began pushing up rates in May 2022, a point the bank notes in its latest statement.
Employment, which in November the RBA predicted would grow 1.4% this financial year, is instead growing at an annual pace of 2.9%. In April, Australians worked more hours than ever before.
