Here is the RBA February 7 policy meeting statement:
In Australia, CPI inflation over the year to the December quarter was 7.8 per cent, the highest since 1990. In underlying terms, inflation was 6.9 per cent, which was higher than expected. Global factors explain much of this high inflation, but strong domestic demand is adding to the inflationary pressures in a number of areas of the economy.
The labour market remains very tight. The unemployment rate has been steady at around 3½ per cent over recent months, the lowest rate since 1974. Job vacancies and job ads are both at very high levels, but have declined a little recently. Many firms continue to experience difficulty hiring workers, although some report a recent easing in labour shortages. As economic growth slows, unemployment is expected to increase.
Source: Law Daily Report (lawdailyreport.net)
that just shows contempt for the average Aussie
Any numpty can work for the RBA.
He’s trying to address the housing crisis by freeing up properties forcing people to walk away from the homes they bought and can no longer afford. A well executed plan to bolster the big 4 “Piggy Banks” 🐷 🤑🥓📈
Need to pay for the scam of all time!
Should have been a lot more. Inflation is doing a lot more damage to Australia than interest rates ever will.
Their is NO justifiable reason for this increase or any future increases. These rises are all being rubber stamped by the Albasleezy government!
Criminal
We should be able to sue them
You are going to start killing people, Lowe! I'm as stressed af what these rate rises are doing to my mortgage repayments, and I'm not alone. I'm not sure how much more I can take! Seriously. I hope you're comfy, Lowe!!
That graphic is a pretty damming indictment of the “independents” of the RBA. Coalition government. “HOLD HOLD HOLD” Labor government “ok, let ‘em have it.”
This is like driving a nail with a pile driver. Sure it's going to slow inflation, but the collateral damage will be devastating. It is not hyper-inflation, so is it really necessary to increase rates this rapidly?
Hey Reserve Bank it’s not 2024 yet! Oh yeh I forgot you got it so wrong!
Sack the RBA boss and board now, never to be replaced. Peanuts could do better then they have. Such a waste of money paying them.
Anyone remind me of the large banks annual profit again?Or what the CEOs are paid?Obviously don’t give a fk about customers. While it’s not simple they have the capacity to be doing more.They can’t wait to ‘pass it on’.Government needs to do more as well because the people can’t
Thanks AlboMP
Lowe doesn’t care, he’s on a million+ a year. Banks get rich as usual, politicians get rich as usual and it’s the little guy paying for it all. Again put them all on minimum wage and see how quick shit changes!!!!!
I so relieved that a larger percentage of my income is being donated to our poor banks and limiting what I can spend on our family. Just feels so good, does t it. 🤯
Taking out a mortgage is like a lottery, what your rate is today bares no resemblance to what it may be in even a few months. There must be a better way. Food should be exempt. Homes under a million should be on a fixed rate to the end of the mortgage.
I thought the RBA Governor was supposed to stop Australia going into recession not drag us all into one. Even blind Freddy can see mortgage owners of all ages can't withstand being beat over the head with constant rate rises. They need to stop now.
inflation and interest rates will always be higher under Labor. Wait till they hit 18% again as they did under PK's 'recession we had to have'.
Sack them all!
Now do a chart for the last 20 years
all those that locked in interest rates it’s coming to an end soon The spending will finally stop cause it will all go to the mortgage and hard times are coming Shits gonna hit the fan
And announces it with the biggest of grins on his kissa.👀
Everyone has lost confidence in Philip Lowe so how does this incompetent individual still have a job? auspol interestrates
The RBA’s bigger failure was to not see inflation coming. CPI is made up in large part from Housing. Blind Freddy could see it was overheated in past years. Not our Reserve Bank Governor though. auspol
3% used to be classified as an emergency low setting. I'm shocked at the number of people that think near zero rates are remotely sustainable. It was a crazy experiment, one that has badly distorted and inflated property markets.
This man is the determined to steal everybody's Homes he's a crook a liar and a elitist he should never put interest rates at a ridiculous low levels, only to put them up quickly as possible to catch people out.
Can't be going to much higher, surely?
USA screwed up and the RBA fell in the hole. The FED fell for the 'transitory inflation' line and the RBA thought the FED were omnipotent. stop copying others homework and do your job. Also US pump priming spiked inflation across the world. Did the RBA monitor US money supply?
And how is this supposed to reduce the cost of… anything?
Excellent.
Pathetic. Inflation is in the driving seat while this spineless property pumper attempts a soft landing for his bosses. Inflation over 10% is a given at this stage. Welcome to stagflation.
Gee ya think?
Robust spending! Maybe all the executives and politicians have been doing all the robust spending, just like P.L. Australia is heading towards a recession as he is being heavy handed with his 9 rate rises and more to come
Must be living in a bubble in his ivory tower. The super wealthy piss on us and this prick says it’s raining. And attacks the weak
Good. Lift them to 20%
the RBA salaries should be indexed to the interest rates. Higher rates, lower salaries.
It doesn’t affect him. He is on his huge salary. Feels nothing for the average Australian
Same old boom and bust cycle
So when Lowe said rates would remain stable until 2024, he actually meant the RBA will raise rates continuously until 2024. Ah it’s becoming clearer now, silly us…
RBA is destroying our livelihood, government keep taxing us on every way they can to cover up all their silly expenses when will this stop We are people of Australia are bleeding money like no tomorrow 😢😢😢😢
Fukken dumb
Asleep at the wheel - bunch of out of touch clowns - why are we not asking the hard questions of the RBA - who hold these people accountable
this is not to curb inflation, this is Main Street feeding Bank Street again...
He said it was to slow the housing industry boom, hello it’s crashed, tanked, building companies are going under. Melbourne and Sydney have dropped by more than 10% in 6 months! Hello A hoi hoi,
What a great opportunity for cashed up landlords Best of all you can explain to the people you’re buying from and, in a few weeks, collecting rent from, that this was what they voted for
Philip Lowe should resign out of shameful failure to do his job
I hope you enjoy your dinner tonight Mr Lowe whilst receiving your obnoxious six figure salary. You know what this will do to many families, yet you persist. LNPStooges LNPCorruptionParty
More rate rises thanks to ballooning inflation driven by passive income & capital appreciation insatiable greed from bricks & mortar. Monetary policy is the only way to tame the nuisance created from COVID19 & recent war. Wondering if it is bit late.
Love the deceptive graph-work by omitting the flatline of there being no January increase.
Apparently, this is what Phil Lowe considers to be path to a soft landing …. 💥🔥🚑🚒🚓‼️
Love crying every month when this happens and I'm left wondering how much longer I can hold on by a thread. blessed
RBASHAGGER ..waooo look at the graph RBA
The real sprukers!!!!
PropTrack’s biannual Property Market Value Report, released on Tuesday, shows Sydney, Brisbane and Canberra home values will plummet 8 to 11 per cent this year, following an overall 2.3 per cent decline in 2022.
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