There were two crucial things said by RBA Governor Philip Lowe that are “even more important,” but almost all of the media seem to have ignored them, according to Sky News host Chris Kenny.
Mr Kenny’s remarks come after Mr Lowe was grilled at Senate Estimates on Wednesday over the RBA’s nine consecutive interest rate hikes, which have affected many Australian households.
“They play into two big arguments I’ve been making here for years, both affect your cost of living and our national economic security,” Mr Kenny said. “First on the energy crisis, how we’re paying too much for electricity and gas, how we’ve deliberately jeopardised supplies, how this pushes up prices, hurts household budgets and undermines the economy.Mr Keny said the second crucial thing was that Mr Lowe admitted that Australia’s economic mess, the inflation and cost of living crisis was fuelled by the “Reserve Bank overreach during the pandemic”.
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