Article by Eric Worrell
Australia's federal treasurer has criticized the Reserve Bank for raising interest rates rather than taking responsibility for the green inflation he and his incompetent colleagues are causing.
Jim Chalmers blames rate hikes for 'destroying' economy, predicts weak growth
Political reporter Jack Evans reports
in short:
The finance minister took aim at successive interest rate hikes that have stalled the national economy.
The federal government expects further weakness in economic growth when data is released this week.
What to do next?
Economic growth data for the July quarter will be released on Wednesday.
Treasury Secretary Jim Chalmers blamed successive interest rate hikes for “destroying the economy” as the government braced for weaker economic data this week.
Ahead of the latest growth figures on Wednesday, Chalmers said the government was focused on walking a tightrope to lower inflation rather than putting further pressure on people “already hit by rising interest rates”.
Chalmers said: “As well as the hit to the economy from rising interest rates, global uncertainty has also hit the economy and it would be no surprise if national accounts on Wednesday show weaker growth.”
…
Chalmers later clarified at a news conference that “of course” his comments should not be interpreted as an attack on the RBA, but he did not repeat the statement.
…
Find out more: https://www.abc.net.au/news/2024-09-02/jim-chalmers-blames-interest-rate-rises-smashing-economy/104298162
The failure of Chalmers and his incompetent colleagues to solve the problems of grid instability, plummeting dispatchable capacity and unpredictable price spikes is particularly reprehensible because all it takes to solve the problem is to abandon all green energy mandates and Encourage the construction of sufficient green energy.
In my opinion, Australia is almost unsuitable for investment right now. With an uncertain grid, rising prices, collapsing wage limits, rampant inflation, soaring interest rates, and an incompetent government more focused on cracking down on message messengers than solving the underlying economic problems, who in their right mind would risk investing in Australia?
At least America can hope for a Trump/Vance victory. In Australia our choice is between the current incompetents and the slightly less green mainstream opposition. Put it this way, none of them will get my vote at the next election – none of the mainstream parties are focused on what I believe is the most important issue facing the Australian economy, energy affordability.
Relevant
