Of course Labor will 'leave the inflation fight to the RBA' -the RBA is their mouth-piece - their echo chamber - stacked with mats on a very comfortable earning thank you, to follow the dictates of the govrnment and the banks who function in unison to ensure profits.

You don't expect the likes of Albowong, Snake Chalmers and such to dirty their hands actually doing something, do you?

Fix the dysfunctional economy?  I've been doing that for years unheard - developing the GAIA prospects in their sweeping majesty, rejecting Offshore Robber Barons getting hold of resource extraction for a song and paying no tax, construction of The National Sovereign Superannuation Fund to benefit all Australians, demanding a cut to mass immigration and the reduction of incompatibles, chopping out the dead wood in academia and government ...... draining the billabongs.... restoring reality and genuine equal rights for all ....

lee wrote Yesterday at 12:41pm:



Good meme -

Why was there an interest rate rise?

https://www.afr.com/policy/economy/chalmers-spending-claim-debunked-by-budget-wa...

New figures from the independent budget watchdog show that higher government spending caused about two-thirds of the $57 billion blow out in the deficit in the next decade, debunking claims by Treasurer Jim Chalmers that weaker tax revenue was mainly to blame.

Numbers from the Parliamentary Budget Office, Treasury, economists Chris Richardson and Stephen Anthony and shadow treasurer Ted O’Brien all show that an increase in future spending was the chief cause of a post-election blowout in the deficit over the medium term.

Bobby. wrote Yesterday at 1:03pm:


This is the AFR's Neoclassical '(public) austerity' narrative - they want even less government spending on essential public services,  while rich individuals  and companies laugh all the way to the bank.

Quote:


Read 'The Deficit Myth' by Stephanie Kelton.

Meanwhile greedy bastards (which we all are) insist on maximizing their own wealth, at the cost of less able and competitive individuals.

Bobby. wrote Today at 11:49am:


Sheer ignorance on your part.

Most money in the economy is created by  "money printing" in private banks, when they write loans for credit-worthy customers.   

[How do you think a new bank lends money on its first day of trading , before it has any depositors' money accounts?]

Like I said: self-interest drives the private sector's affairs, the government's job is to ensure well-being for all.

But Neoclassical 'public austerity' economists who 'rule the roost' are really only microeconomists masquerading as macroeconomists.

thegreatdivide wrote Today at 1:45pm:



Sheer ignorance on your part.

The Govt. issues Govt. Bonds and the RBA buys them with printed money.

It's the same as giving politicians a blank cheque.

The RBA needs to answer this question every month.





The RBA pisses me off -
they blame inflation and put up interest rates but
they are the ones who cause inflation by printing money.