this post was submitted on 21 Nov 2024
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26
Australia took its interest rate medicine – and it has poisoned our living standards | Greg Jericho (www.theguardian.com)
submitted 2 days ago by brisk@aussie.zone to c/australia@aussie.zone
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Guardian Economist Greg Jericho shows - with interactive graphs - how the RBA's interest rate policies have missed the mark and depressed Australian living standards in an unprecedented way.

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[–] incogtino@lemmy.zip 3 points 2 days ago

Inflation hits the most vulnerable the hardest. Their incomes and savings are eroded directly by inflation

Those who already own houses or are mainly invested in stocks are able to weather inflation long term (while being affected short term by higher interest interest rates on debt)

If inflation is still high, and unemployment not rising, in who's interest would we lower rates?

Is it such a bad thing for home borrowers (which is who we're really talking about) to have less disposable income while preserving the purchasing power of those who at best would like to buy, or at worst are already living paycheck to paycheck on minimum wage?