The overdue interest rate rise is a systemic signal that Australia’s contemporary political culture is unfit to deal with the emerging post-COVID global environment.
Anthony Albanese’s campaign launch sought to exploit the idea that Labor’s policy agenda would tackle the cost of living pressures highlighted by last week’s 5.1 per cent inflation rate and the looming interest rate rises.
The significance is greater than these economic terms suggest. The overdue interest rate rise is a systemic signal that Australia’s contemporary political culture – notably its resource-curse complacency and social media-fuelled tribalism – is unfit to deal with the emerging post-COVID-19 global environment.
The political class, including the serious media, needs to engage with this reality, not encourage the endless spending demands and even the doublespeak idea that the end of a temporary tax handout during a crisis amounts to a tax increase.is an important development because it signals that the arms of macroeconomic policy need to tighten, even if this picks the hip pocket of voters. Borrowers cannot forever be subsidised by the lowest interest rates on record.
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