AFLW 2024 - Round 3 - Chat, game threads, injury lists, team lineups and more.
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So inflation not caused or even contributed to by war, savings during covid, profiteering, excessive immigration, resource shortages etc?Albo's lieutenant is way out of his depth - much like Albo himself:
PVO: Jim Chalmers plays the blame game as Australia's economy slumps
The late American political satirist PJ O'Rourke once said that blaming central banks for high interest rates is like blaming your bathroom scales for putting on weight.www.dailymail.co.uk
The late American political satirist PJ O'Rourke once said that blaming central banks for high interest rates is like blaming your bathroom scales for putting on weight.
That's exactly what Treasurer Jim Chalmers did last night when he accused the Reserve Bank of Australia of 'smashing' the economy with its interest rates strategy.
Never mind that the RBA has repeatedly pointed out that it's had little choice but to put rates up because of out of control inflation. Why is inflation too high? Because of the fiscal recklessness of government spending.
Albo's lieutenant is way out of his depth - much like Albo himself:
PVO: Jim Chalmers plays the blame game as Australia's economy slumps
The late American political satirist PJ O'Rourke once said that blaming central banks for high interest rates is like blaming your bathroom scales for putting on weight.
The late American political satirist PJ O'Rourke once said that blaming central banks for high interest rates is like blaming your bathroom scales for putting on weight.
That's exactly what Treasurer Jim Chalmers did last night when he accused the Reserve Bank of Australia of 'smashing' the economy with its interest rates strategy.
Never mind that the RBA has repeatedly pointed out that it's had little choice but to put rates up because of out of control inflation. Why is inflation too high? Because of the fiscal recklessness of government spending.
Albanese backs in Chalmers over RBA rates stoush
Tom McIlroyPolitical correspondent
Sep 2, 2024 – 6.03pm
Anthony Albanese has backed in Jim Chalmers’ assessment that interest rate rises were smashing the economy, but insisted the Reserve Bank’s decisions were carefully calibrated and the comments were nothing new.
Amid intense pressure over persistent inflation, Dr Chalmers said at the weekend that global uncertainty and rate rises were “smashing the economy”, so it should be no surprise if Wednesday’s national accounts figures showed soft and subdued growth.
Treasurer Jim Chalmers insists the comments are not new. Alex Ellinghausen
The opposition pounced on the comments on Monday, insisting Labor was at war with the central bank and its hand-picked governor, even as Dr Chalmers pointed to near identical comments made in June and July.
He rejected claims they were an attack on the RBA or governor Michele Bullock, saying the pair shared the objective of tackling inflation and regularly compared notes on the state of the economy.
Dr Chalmers’ defence – delivered during a campaign swing through Western Australia – come as economists surveyed by Bloomberg forecast that GDP figures on Wednesday will show the economy expanded by just 0.2 per cent in the three months to June 30, causing annual economic growth to slow to 0.9 per cent, from 1.1 per cent.
Opposition finance spokeswoman Jane Hume accused the government of looking to blame someone else for its own economic policy failures.
“Jim Chalmers blamed overseas factors for high inflation, then he blamed Philip Lowe, and now he’s blaming his hand-picked replacement for Philip Lowe, Michele Bullock,” Senator Hume said.
“He’s got to turn the mirror on himself.”
Mr Albanese said Dr Chalmers had made similar comments about the slowing economy for a long period of time, “and economists are expecting, when the figures are released this week, that they will show a modest growth”.
“Rate rises have an impact on the economy, that’s what they’re designed to do, to dampen demand,” he said.
Mr Albanese dismissed claims by the Greens that the RBA had failed on inflation, calling the minor party “irrelevant to serious economic policy debate”.
“They’re not serious players,” he said. “They never have to add anything up. Thank goodness the Greens aren’t in charge of economic policy.”
Mr Albanese also sought to inflame tensions about WA’s generous GST deal, accusing the Coalition of wanting to renegotiate it if it wins next year’s election.
Both sides agree marginal seats in WA will be critical to the result and voters will look critically at any move to weaken the $6 billion GST deal.
Mr Albanese said opposition frontbencher Andrew Bragg had indicated the Coalition would look to cut additional revenue the federal government gives to the state, which it otherwise would have never been entitled to under previous GST distribution arrangements.
“He was talking about holding back GST payments,” Mr Albanese said of Senator Bragg.
“What we know as well from Malcolm Turnbull and from Julie Bishop, was that at the time these measures were put in place, Peter Dutton was opposed to it. They were the leader and deputy leader of the Liberal Party at that time.”
Senator Bragg was discussing ways federal funding to the states could be used to encourage housing supply, and Opposition Leader Peter Dutton has said repeatedly a future Coalition government would not change the terms of the deal.
Then-treasurer Scott Morrison introduced the floor on GST payments so that from July 2019, no state could get less than 70¢ in the dollar from GST raised in that state. The floor will increase to 75¢ in 2024-25, providing an additional windfall to WA
It's only the last sentence which is nonsense. The rest is correct. Chalmers shouldn't have gone after the RBA, he should have gone after the corporate tax rate. It's corporate profits driving inflation. Chalmers has the power to tax corporate profits to address the imbalance, but chooses not to. The RBA only has one single lever. So when they see the Govt not using theirs, what are they supposed to do? Nothing? Then nobody would be doing anything about corporate-profit-driven inflation.Albo's lieutenant is way out of his depth - much like Albo himself:
PVO: Jim Chalmers plays the blame game as Australia's economy slumps
The late American political satirist PJ O'Rourke once said that blaming central banks for high interest rates is like blaming your bathroom scales for putting on weight.
The late American political satirist PJ O'Rourke once said that blaming central banks for high interest rates is like blaming your bathroom scales for putting on weight.
That's exactly what Treasurer Jim Chalmers did last night when he accused the Reserve Bank of Australia of 'smashing' the economy with its interest rates strategy.
Never mind that the RBA has repeatedly pointed out that it's had little choice but to put rates up because of out of control inflation. Why is inflation too high? Because of the fiscal recklessness of government spending.
thewest.com.au
I'm not sure what Labor your watching if you think they haven't been chest beating over their surpluses
Isn't that what fiscal recklessness is code for?
It's like they think the media will start being friendly to them if they can just make one more concession to the Libs, and another, and another.
I think we're seeing now in Victoria that Labor isn't going to be able to keep doing what Dan did now that he's gone.
No votes in that bro.
