South Africa: Reserve Bank/Treasury and the BIS

Applicable to South Africa

Source: Australian Citizens Party

Reserve Bank Governor Dr Philip Lowe’s 12th interest rate rise in 13 months to 4.10 per cent is crushing the life out of Australian families to pay for the RBA’s own sins. For two decades, Lowe and his predecessor Glenn Stevens artificially lowered interest rates to near zero, deliberately inflating house prices and trapping millions of Australians in unpayable mortgage debts, which caused today’s cost-of-living crisis. Now Lowe is acting like a central banker in the 1930s Great Depression, imposing crushing austerity on his millions of victims among Australian families, sacrificing them to appease the angry inflation gods he provoked. Pathetically, Treasurer Jim Chalmers tried to distance himself from the rate rise, insisting it was an entirely “independent” decision which is up to the RBA to explain; actually, in his statement, Chalmers showed he was more concerned with trying to prove the rate rise was not his fault, than for the families getting crushed. But here’s what all Australian families who have been smashed by these rate rises should be very angry about: Treasurer Jim Chalmers has the power to overrule this rate rise to alleviate the pressure on households, but not only is he not stopping it, he has willingly agreed to give up his power to do so!

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