The Bank for International Settlements says central banks,including the Reserve Bank of Australia,need to take off their blinkers.
It was one of the Reserve Bank’s biggest COVID stimulus measures. While it brought down interest rates,it helped drive up house prices at a startling rate.
The Reserve Bank’s most iconic governor says businesses are going bust and the RBA is too focused on only one factor in its charter.
Recent figures point to the Reserve Bank’s success so far. But there probably needs to be a turning point in the bank’s thinking,and soon,if we’re to avoid a big round of lay-offs.
The RBA has kept interest rates at 4.35 per cent,saying while inflation will fall,it is unlikely to be “sustainably” low for some time.
“Australians are living through the most protracted period of economic misery since 2011,” says economic think tank CEDA.
The ACCC alleges the lower-for-longer price discounts on everyday products from Coles and Woolworths were psychological bait.
Greens economics spokesman Nick McKim says they are waiting for the treasurer to use never-tested powers to instruct the RBA to bring rates down.
The lack of a tax-cut-induced spending spree shows consumers have well and truly got the message about tightening their spending.
Australia’s tech insiders are enjoying a surge in optimism from the Fed’s bumper rate cut,but all eyes are now on the US election.
The US Federal Reserve has gone big with its rate cut – exposing the problems facing the Reserve Bank of Australia in its inflation fight.