The House Standing Committee On Economics V’s The RBA!

An interesting report came out last December from the House Standing Committee On Economics, relating to the RBA and their recent questioning of Governor Lowe.

The report was a bit of a squib in that whilst it recognised some of the issues relating to monetary policy and interest rates, they skirted round the big issues of what caused the inflation in the first place, and the role of extended credit in inflating prices.

We discuss the report and its shortcomings.

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  1. Here here. Where’s the committee owning up to the government’s role in stoking inflation with excessive fiscal policy and allowing people to access their super? To my mind, this contributed at least equally compared to over accommodative monetary policy. The statement interest rates wouldn’t move until 2024 is just a sensationalistic sideshow. Good for the media, not much else. 5en, where’s APRA in all this? They’re responsible for lax lending.

  2. The fore seeing of changes and managing those changes should be the responsibility of the RBA. That they get it so wrong speaks for the ability of economists and the usefulness of economics. Too many commentators have correctly forecast the economic trends.

  3. Tells you how immature this standing committee is when it talks of the current "high interest rates". 4.4% – 5% is not high, twice that is high. Apart from the darling 'chosen one' of the Australian economy – housing – the rest of us get nothing for saving but are still allowed to pay 20% plus for a credit card. Why, because a credit card is an unsecured loan just like a bank deposit which may earn you 0.5% if lucky. Snoozing Committee more likely, just waiting to be offered a job on a bank board when we vote them out for incompetence.

  4. Finally good one Martin, regarding deflection. If you have ever worked in government you will know that this is one of themain tools in primary repositionitioning without showing weakness. The next is Avoidance followed by Blame others. Then move onto secondary suite, I don't recall, that's not how I understand it and finally submission. At this point which is what you are aiming at is accountability. Caveats underscoring poor decisions but not admitting to wrong doing. Phil screwed up on this one and should have been held to account but won't be. The average Australian is not John Adams.

  5. The politicians and the central banks need inflation to collapse the value of their fiat currencies in order to bring in the Central Bank Digital Currency. That's why they will never raise interest rates to levels higher than the rate of inflation. It's no conspiracy theory, it's Biblical prophecy being fulfilled.

  6. Japanese housing prices are easily 50%-75% less than Australia, 0% interest rates, reducing population and annual property tax. I can buy a 7 bedroom house near a ski resort for less than $200k, show me somewhere in Australia where you can buy anything similar.

    Australia…… increasing population due to immigration, no annual property tax, a lack of construction causing a significant shortfall in supply of both rental and owner occupier. I would have thought the reason for high property prices is easily explained……… Lack of supply and no holding cost.

    Interest rates:
    Japan 0.1%
    Australia 3.1%

  7. Actually Martin I agree with interest rates however it's not just interest rates and credit it is loss of social housing such as housing commission or housing trust plus negative gearing is not the issue like majority believe, look at average house/unit buy today to average rental price it is not even 1% yield therefore new investors not buying even with high growth of rentals. I am a Senior PM with 15yrs experience. It is landlords which bought previously mainly baby boomers who bought 10yrs ago selling or even staying in rental market with superhigh rent yields now. There still is 33.3% investor bail in last 2 yrs and minimal new ones entering. On top of migration which I can attest the rentals I have on market 90% migration applying as our non immigration outpriced and affordability key issue right now. I am happy to show you privately the data including the break leases occurring because job lay-offs the market slow to collect data on. The shit show is coming and always stats and msm always 3 to 4 months behind!

  8. Australia signing the Lima Declaration 1975 decimated our productivity and manufacture base Australia was a multi cultured society with prosperity. Governments both sided have disproportiinatley used high levels of immigration to increase demand consumer spending push up property prices to serve as debt slaves to the banks instead of society.
    Strategic planning by design to drive down wages meanwhile failing to provide major infastructure or adequate services to serve the rate of growth. Excessive government with every expanding rules and legislation over reach micro managing and using nudge units to shift public behavior strangling the people and prosperity with red green and blue tape.
    Australia was once the lucky country now people buying or renting are struggling to afford stelter let alone worry about the sin of a gas stove. Government both sides have a lot to answer for instead of deflecting it onto the people or the opposite side.

  9. Funny how North was stating in his pre-covid senarios when interest rates were low, there was going to be a massive fall in property prices, even a bank crash. In an online debate with Christopher Joye, he claimed property prices would fall even with low interest rates, but Joye stated low interest rates would hold property prices up. Joye futher stated, the only way property prices would fall, would be by an external shock to the Australian economy. Well looking back in hindsight, Joye was the winner. It seems North has finally caught on to the pure transmission mechanism between interest rates and property prices. He is stealing Joye's thunder from pre-covid times.

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