“Not The Other Ones”
Oh another thing on Dave Pocock(and I am not really a big rugby fan, but have taken more of an interest since).
If you wanted an example of “positive masculinity” he is it.
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Nor does the ALP.
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We’re going to get a huge debate on immigration at the next election
Labor’s plan is to implement LNP immigration policy, so there isn’t a debate on it.
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Labor stand for
- Censorship
- High immigration
- Higher cost of living
- Higher inflation
- Higher housing costs and asset prices.
Probably not much worse than Liberals/Nationals
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If LNP immigration policy becomes ALP immigration policy, then very quickly the LNP will be taking three large steps towards a ‘napalm them all at sea’ policy. And then the next three years will be the serried ranks of media, LNP, and the principleless alp right pressuring the alp to adopt the NEW LNP policy to ‘show bipartisanship’ and ‘neutralise the issue’.
And so ad infinitum.
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Inflation is here nor there.
The politicised RBA let that train leave the station prior to the last election.
A cooked its only “transitory” report from the world bank gave them an out. Inflation is rarely “transitory”
But yeah everything else? Its just Australia Inc.
The home of crony capitalism.
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LNP aren’t going to offer anything different than Labor.
It’s time for a third major party to shake things up.
I think he’s been outstanding
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Pushing a window of some description up a hill
Article in Todays Age, which basically says that 75000 people need to lose employment before RBA will cut interest rates.
While I obviously don’t understand economics, and the difference between headline inflation and underlying inflation is way above my intelligence, the concept of controlling inflation by hurting families just does my head in.
Want a rate cut? 75k jobs must go
Age News 29 November 2024
Up to 75,000 Australians face being shut out of a job as the Reserve Bank attempts to bring down inflation, with bank governor Michele Bullock admitting the nation’s ‘unusually tight’ jobs market is a factor pushing up prices.
As Treasurer Jim Chalmers’ overhaul of the Reserve Bank appeared set to pass through the Senate, Bullock used a speech in Sydney yesterday to argue underlying inflation was still too high for the bank to consider a cut to official interest rates ‘in the near term’.
In a blow to the government’s hopes of a pre-election interest rate cut early next year, Bullock told the Committee for Economic Development of Australia that while quarterly headline inflation had fallen to 2.8 per cent, which is within the bank’s 2-3 per cent target range, underlying inflation was still at 3.5 per cent. She said a key issue was the jobs market, which, by comparison with other nations, remained strong.
‘We judge that conditions in the labour market remain tighter than what would be consistent with low and stable inflation,’ she said.
‘Given the tightness in Australia’s labour market, along with our assessment that the level of demand still exceeds supply in the broader economy, we expect it will take a little longer for inflation to settle at target in Australia.’
The bank is forecasting unemployment to lift to 4.5 per cent by the middle of next year, helping to bring underlying inflation down to 2.5 per cent by the end of 2026.
Unemployment has been steady around 4.1 per cent since May. During that period, more than 221,000 jobs have been created, while the participation rate - the number of people in work or looking for it - has climbed to a record high. A jobless rate of 4.5 per cent would mean an extra 75,000 people out of work.
Bullock said since the bank started lifting interest rates in 2022, it had aimed to gradually bring down inflation while keeping as many people in work as possible.
Despite the fall in headline inflation, due in part to energy subsidies and a drop in global oil prices, underlying price pressures were still too high for the bank to cut rates.
‘Underlying inflation is still too high to be considering lowering the cash rate target in the near term,’ Bullock said.
Any decision on rates is likely to be made by a new interest-rate-setting committee within the Reserve Bank, one of several changes to the RBA that were likely to be approved by the Senate after a deal struck by the government, the Greens and crossbench senators.
The committee was a key recommendation of the independent review of the bank that Chalmers commissioned on coming to office in 2022.
The committee, which the Liberal Party has accused Chalmers of trying to stack with people who may be more supportive of lower interest rates, will be made up of members of the existing RBA board as well as people with a focus on monetary policy and the economy. The current board will be more focused on overseeing the bank, which is responsible for the nation’s payments system.
The changes had been stalled in the Senate for several months after the Coalition, which went to the last election promising its own review of the RBA, ruled out supporting the reforms.
Chalmers recently resumed talks with the Greens, which argued for the bank to retain two powers it has held since its creation in 1959. Chalmers had sought to axe the ability of a government to overrule the bank and for the RBA to tell commercial banks where to direct credit. Neither of the powers has ever been used.
The reforms also change the charter of the bank’s precursor, which, since 1945, has included price stability, full employment and the ‘promotion of the economic prosperity and welfare of the people of Australia’.
How many people work for the RBA?
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Its a forward indicator that aggregate demand is going to drop in the economy.
I have heaps of debt but favour higher for longer.
I also favour wealth taxes because its clear a large portion of the electorate who arent affected by rising or high interest rates. So for them demand is not impacted.
In fact they may be benefiting from them.
If you mean the both Julia and KRudd were better performers than Albo, I would totally agree.
Sad fact in this, is that the current Labor Ministry is better than any that Gough, Hawke, Keating, Rudd or Gillard had, but all of them were better PMs.
Disappointing for me, though I did vote for Shorten to be Leader, so I claim immunity.
I actually dont mind Albo.
He was handed a ■■■■ sandwich coming in. Most governments are.
But this was a 1 trillion dollar one with rampant inflation.
The LNP shouldnt be trusted with the economy for a looooong time imho
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We have had two Grandkids bullied at school, one at Primary School and the other at High School. Daughter is on top of it, but Schools are completely useless, no consequences, even though acts admitted and evidence is there. Parents of bullies just do not care, so consequences needed for them as well.
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Teachers are victims of bullying almost as much as kids these days.
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For context 75,000 extra unemployed is about +0.5%
Not so for anyone involved, but in the overall scheme of things it’s officially a blip (~95.9% employed to 95.4%).
Shut up, I said officially. Don’t @ me on under-employment/reporting.
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