LISTEN: Are rate rises killing the 'fair go'? ABCNewsDaily
Hi, I'm Sam Hawley, coming to you from Gadigal Land. This is ABC News Daily. As the Reserve Bank weighs up whether to increase interest rates for an 11th consecutive time, the spotlight is on whether it's doing the right thing by all Australians. An independent review into the bank has handed 51 recommendations to the Treasurer, Jim Chalmers, to improve its practices.
We've had ten rate rises in a row. We could have another one today or next month before the budget. And lots of people keep pointing to the fact that the RBA governor said the interest rates wouldn't move until 2024 at least.Reserve Bank Governor Philip Lowe has apologised for saying interest rates would not rise until 2024.I'm sorry that people listen to what we'd said and acted on that and now find themselves in a position they don't want. Don't want to be in.
There've been opportunities to improve living standards. But then we look at the last couple of decades in Australia, and unfortunately, the neoliberal policies that have been in place over much of that couple of decades haven't been directed towards distribution.And I can explain what neoliberalism is in a minute, but he said that that's not what Australia became.
As the Reserve Bank weighs up whether to increase interest rates for an eleventh consecutive time, the spotlight is on whether it's doing the right thing by all Australians. An independent review into the bank has handed 51 recommendations to the Treasurer, Jim Chalmers, to improve its practices.Today, ABC business and economics reporter, Gareth Hutchens, on how and why life in Australia has become less fair in the past 30 years.
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