The RBA is responsible for Australia’s ‘tanking’ economy
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- เผยแพร่เมื่อ 9 ก.ย. 2024
- Former Labor Senator Stephen Conroy says Australia’s “real economy” is not doing as well as people think.
Mr Conroy told Sky News host Paul Murray that the economy is “tanking”.
“The Reserve Bank are responsible for it tanking.”
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1 million plus new arrivals and billions handed out for charity overseas. I would be looking at your party first Conroy.
*YOU'LL OWN NOTHING AND YOU'LL BE HAPPY* 🙂
High immigration, high public service wage increases and NDIS driven economy have more to do with tanking the economy. Blaming the RBA is the ALP being lazy......
Australians aren’t having babies anymore at the rates required to maintain the population. Without high immigration we will eventually collapse as a nation.
Its always someone else's fault isn't it jim typical delusional Labor BS spin
No, the Governments of the last five years - Federal and State - have been 100% responsible for tanking the economy.
More like 10 years.
The RBA are trying to minimise the damage being done by Labor. Albo is a dud, along with the rest of his party.
Damage was done by liberals. Almost as soon as labor was elected they started raising rates, economies don’t just tank overnight, if you think this is labor, please unregister yourself from the AEC beaches you have no clue about politics or economies
BS. 4.35% is not an abnormal interest rate. It’s about average. 0.1% is an abnormal rate and is one of the main reasons housing became so unaffordable.
Any interest rate that is less then the inflation rate is abnormal and bad for the economy long term. It means you lose money buying government bonds to inflation.
A hapless Labor government with an obscenely large public servant payroll is equally to blame
Hurry up and increase the interest rates
If Albo didn't keep giving millions of dollars to other countries for football clubs, etc, there would not be as much money coming out of the economy.
Blame the real estate industry and their media based stakeholders
Everyone else is responsible definitely not the government
It's Trumps Fault!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
4.35% rate and people are shitting themselves...
Must of been alot off people who are over leveraged in debt. 👀
for mostly overvalued properties
It certainly ant 4.35% it’s more like 6 or more 🤦🏻♂️
They jacked it up at the same time power companies and supermarkets more than doubled their prices. All a co ordinated attack
Indeed. 4.35% is not an abnormal interest rate. It’s about average. 0.1% is an abnormal rate and is one of the main reasons housing became so unaffordable.
@@braxxian that… anddddd the government increasing the population in a short space of time by around 2 million people.. lol 🤦🏻♂️
Any government would have delivered a surplus with the mining royalties, Conroy is such a FW 😂
What's the LNP's excuse for a decade of debt and deficit.
@@bretloyd8097 bottom line is they are all corrupt, just feathering their own nest, it’s not about the people anymore, there needs to be a change of how they are voted in and how they work for us 👊
@@bretloyd8097
Typical die hard Laborite lie
Australia's debt grew more slowly over the term of Coaltion's reign compared to the simple dollar amount.
Paying down debt wasn't entirely within the control of the government, with broader economic circumstances (Covid)
Some Coalition savings measures had also been blocked in the parliament by the Opposition.
Labors Labor's final budget year (2013-14), and its mid-year budget update locked in spending and revenue policy decisions worth several billions of dollars.
$5 billion in savings that were initiated by Labor in Government - Labor took to opposing them under the Coaltion
@@graemekeeley4497 Yes Mr Bolt, whatever you say Mr Bolt.
Easy to blame something the public can't vote out or do anything about isn't it.
That’s right the pathetic labor party looking to blame anyone but themselves!
Wow! What a wonderful scientific discovery. As if nobody knows that RBA was holding the interest rates too low for too long just to start increasing them like mad.😊
Nah the grubbberment is to blame .
Along, with the ALPs inflationary policies the RBA failed to act expeditiously. The consequences is built in inflation gets baked in and then compounded. The RBA are politically motivated donkeys.
RBA only has one tool - higher or lower interest rates with no variation of control.
The Federal Government has all of the other tools to control and vary weather the RBA goes up or down. Lower federal taxes on fuel. Cheaper energy costs. Cheaper health costs. Free eduction for 3 to 13 year olds including lunch and refreshments. Up to 50 % Tax deductions for owner occupied interest for homes like units and apartments below the cost of $650K. 1, 2 or 3 bedroom high density housing or rural housing with work from home Federal Government job at 25 hours per week.
Correct, RBA is a one trick pony.
It doesn’t matter how many people are working if the wages aren’t keeping up with the cost of living, this awful government has to go and that includes all labor state governments as well .
Conroy fails to mention that the current RBA and its structure was chosen and setup by Jimmy Chalmers, so if it’s the RBA’s fault that we are in a per Vapor recession then blame Jimmy Chalmers for selecting the current RBA.
Just because you can make the repayment doesn’t me you can afford it ! Australians stop externalising blame on every situation and take personal responsibility for the decisions YOU as an individual made .
The only thing we don't get taxed on is air. Do you live in Australia. Australian government gives itself payrises, we the citizens didn't vote for that, they have clue no how bad it is for families struggling to make the repayments on homes, immigration of a 1,000,000 people per year which RAISES inflation, we don't have enough houses for Australian citizens and the immigrant also wants a house which raises house price's which raises inflation.
@@user-fx8gj4zu3d yes that’s all true but housing price speculation happened well before then and people ruched in and overpay for property back in 2019,2020,2021 at 2% mortgage now crying we can’t afford it . If you they did their research the avg interest rate historically is around 4-6% what is deemed neutral . No one out a gun to their head to pay for over priced housing at low rates knowing it would go up one day .
Tax and spend, penalising success and rewarding failure, is what is tanking the economy.
No. Government (former) is responsible. They kept their control of the RBA too firm. Interest rates were too low for too long!
No its Corporations fault for killing the economy. Corporations posted record profits off the back of high inflation since the pandemic began which has outpaced wages growth has caused interest rates to rise as this is the preferred method to tackle inflation by punishing the consumer and not the business entity that actually raised the prices. Once interest rates were raised people had less disposable income combined with the ever I creasing cost of mortgages and every day Essentials people have no money left to spend but it's consumers fault for getting haircut that gets blamed for inflation not the Corporation that posted record profits from massive price increases. Good job economists. Idiots.
The RBA will add to causing a major recession in Australia. Yes it will happen, When, is up in the air.
The issue in Australia is NOT interest rates. The issue in Australia is the insane amount that Australians pay for housing. If house prices halved future Australians would be far better off. GM
Property prices are a result of demand, during the pandemic units in eastlakes were renting for 400 a week down from 550. Now its 700 a week due to immigration. There are alot of high income people who are making alot of money ie tradies, and people in corporate who can afford 1,500,000 homes easily.
Really give me a break
It's both
Why do you think the house prices are so high... its because the rates have been too low for far too long even today they are too low. Without the low rates almost no one could afford to have absurd mortgages in the first place. It has raised the ceiling on what is paid for houses.
The problem is that people got fomo and paid 900k for a property that was worth 550k.
I’m sorry, but truck drivers shouldn’t own million dollar properties. Everything is out of whack
This has nothing to do with trucks. Go back to sleep.
@@user-fx8gj4zu3d when did I say it did you idiot?
How ignorant is this comment......
Most Truck Drivers work 2 full time jobs.....
@@user-yw1rp4rj4u no they don’t.
@@user-fx8gj4zu3dyou’re so naive 🤡
BS, both sides of government are to blame for allowing debt levels to get so high. Interest rates are not high by any stretch of the imagination, debt levels are the gorilla in the room.
Government spending needs to be cut. Australia needs tax reform. Government regulations need to be reviewed. Personal tax is to high for all in Australia. Stop looking at what is going on in Europe, Europe is not Australia. It Europe but their head in a fire would we follow. Australia is a democratic nation how about finding our own solutions and new ways to run the Australian economy. Fair go for all not just elites and big bussiness. Open debates without predetermined out comes.
Well done Conroy, Chalmers has done something Liberal didn’t do, make the cost of living crisis much much worse and make it extremely hard for Australians to pay their bills, glad you’re so smug about it Conroy!
Chalmless has no real empathy, just an endless rhetorical sound bite" Things are tough" etc etc.....
With the government's record tax take from bracket creep, fuel excise inflation, stamp duty inflation, GST inflation, Charmless can afford to have no real empathy.....
The economy is tanking because the government closed it down for two years. The Libs did that but Labor probably would've done the same. In other words, one party wrecked the economy and the other has to deal with the fallout and it makes no difference which is which.
RBA is just a scapegoat, they’re doing their best.
The real cause is the inept government, they don’t understand economics nor the principles of good governance. Time for them to go! 🎉
RBA is trying to moderate the inflation surge.
RBA is non political.
You must have faith in the Australian institutions.
When you pumped too much stimulus into the economy in 2020 to combat the slowdown caused by the Covid , you have to combat the inflation and the runaway property prices and rental.
If not, you will end up like Argentina.
The economy is a delicate thingee.
Conroy annoys the piss out me
No it's the wef who started it
Sorry but I’m a bit over the national “poor me story”’for people who won’t take responsibility for taking a mortgage with no plan should interest rates rise ( back to normal ) from the 2% rate they were purchase at and now cry me a river .
Stop spending !!!!
In businesses people are put off or hours cut .
How about you do the same ???
ALL GOVERNMENT BODIES
I have had to
Because giving Bankers more money has always solved the problem......
Labor have a long established history of attempting to interfere with the RBA and fiscal outcomes. It's only since the arrival of Albanese & Co. that they have succeeded....
No. The previous government must take responsibility. They (simplistically) thought that the Aussie romance with housing would go on forever. Wrong. They lost. When you are getting deemed more by Centrelink, than you are receiving in Bank interest, something is wrong!
Yeah, blame everyone and everything but yourselves. Then propose ridiculous distraction “policies” (“build” your way out)🙄 Immigration, negative gearing, foreign ownership, HUGE….effectively legal, money laundering through residential property, etc. No….you done this ALL to yourselves. But whinge, scapegoat and distract all you want. The Australian way.
Finally Aussies stop spending
Conroy ???? Hahahahahaha the biggest Labor Loser.
But....but....renewables will save us all
Steven how about butting the blame where it belongs.
Aud is a shame for Australia
Conroy should stay off you lr show, he is apart of the problem
the cost of government crisis
Dependcy of any kind leaves the system open to extortion. No explanation needed, just common sense.Total collapse in the end.
Tanking economy??? The RBA is trying to cool this economy which is booming and inflation is staying high.
I suggest any average Aussie contact their bank and ask them if they can get a better rate.
It don't hurt to ask.
I contacted my bank and I got a better rate. Down from 8% to 6.07%
what we are experiencing in the economy now, is a direct result of the monetary policy decisions throughout the plandemic. M1 M2 money supply soared during the plandemic, meaning the government via the RBA borrowed into existence billion upon billions of dollars, all of which had to find a home in a decreasing pool of goods and services, more money ( currency) chasing fewer goods = each currency unit ( every dollar ) becomes worth - less. taking more and more currency units ( dollars ) to buy the same amount of goods and services as before = inflation ( inflate the money supply) it is the illusion of prices going up, when infact it is the purchasing power ( value ) of the money ( currency) going down. Gold is real money, currency is nothing more than a derivative of real money. as currency looses purchasing power, golds purchasing power increases. hence why today gold is at an all time high.
RBA can not achieve its easier than other comparable countries target of 3%.
Bunch of duds. RBA board is government appointment and Secretary of the Treasury is on the board. It's ALP failure again....🦘🇦🇺
Interest rates are actually right were they should be, if anything they should be slightly higher. The problem is out of control immigration squeezing supply and artificially driving house prices and rental higher.
Another interest rate rise and I think that will be the end of me
Apparently H Hughes is a NDIS recipient. . . . WTF.
There are a couple of very strong levers & directives that can be implemented/mandated. One is abolishing 'indexation', make it illegal to systematically erode Our Nation's Currency's buying power, in support of "workers" Nationally, and boosting the prospects of the ASX, and Our Currencies standing Internationally and in pursuit of attracting foreign investment with the expressed aim of bringing close to zero Govt sponsored subsidies! (Have been used to offset effects of indexation)!
Stephen. Learn how to say 'mischievous''. The end of the word doesn't have the letter 'I'...not VIOUS. Not 'mischevyus'. That's your basic schooling showing itself. People copy what you say. Say it correctly. And for all 'yous' out there screaming pedantic....go & learn something.
The October 2022-23 Federal Budget forecasts further increases in gross debt to $1.159 trillion (43.1% of GDP) by the end of the 2025-26.
To find out how many years it would take to repay a debt of $1.159 trillion at the rate of $1 per second without any further debt, we can follow these steps:
1. Convert $1.159 trillion to dollars: \( 1.159 \times 10^{12} \).
2. Calculate the number of seconds in a year: \( 60 \times 60 \times 24 \times 365 \).
Then, divide the total debt by the number of seconds in a year to get the number of years required.
Let's do the calculations:
1. \( 1.159 \times 10^{12} \) dollars.
2. Number of seconds in a year: \( 60 \times 60 \times 24 \times 365 = 31,536,000 \) seconds.
Finally, divide the total debt by the number of seconds in a year:
So, it would take approximately 36,759 years to repay the debt.
Mathematically impossible...
Just once I’d love these option pieces to not be 2 opposite sides taking shots at each other. How ‘bout Paul ‘fact checks’ their comments as they make them and we get honest speak. I’d pay for truthful arguments.
EWE ARE A BIT STRANGE
CONROY........ Typical LABOR SPIN!!!!!!!!!
*NEWSFLASH* 🗞‼️ Read all about it‼️ This isn't only happening in Australia. 🐨🌿🦘🌿🦇🌿🦎🌿🐊🌿🦜🌿🐍🌿🦈🌿🐠🌿🕷🌿🕸