The Reserve Bank of Australia must have realised the decision to raise rates in December would brand it the Christmas Grinch. But in recent times the central bank has become quite accustomed to its lack of popularity., a cast of players from mortgage brokers to charities decried the move to double down on its inflation fight with one last heave to rates before year’s end.
During COVID, this desire for “insurance” against economic calamity is why the RBA took rates down to 0.1 per cent, mistakenly suggesting they would remain there for years. He is clearly looking for “belt and braces” to ensure that the peak of inflation will be felt in the December quarter and not drag on into next year.The RBA closed its remarks with a comment that it “remained resolute in its determination” to return inflation to the target range of between 2 per cent and 3 per cent. And it expects to increase rates further to achieve that outcome given inflation is sitting at 6.9 per cent.
In the first instance, many Australians have borrowed at very low fixed interest rates. And the lion’s share of these rates don’t roll off until next year and some won’t require renegotiation until 2024.
AlboMP is doing all he can to keep inflation rising. He wants us destitute so he hand the country over to the NWO to rule
Why bother f it.
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