rba should put a sock in its mouth, page-23

ok so the RBA eventually succeed.

people stop spending. retail jobs the first to get hit, then a whole host of other jobs - manufacturing is already on its knees. so you get thousands of extra people claiming welfare instead of paying tax. sharemarkets continue to slide. the real estate market gets smashed. a whole host of antisocial behaviour becomes even more commonplace than it is now. and these people are so called economic experts. a fantastic response from a reader of the herald sun yesterday to terry mccraan...

Terry The RBA will drive the inflation rate above 4% with its latest interest rate rise, just as inflation has increased with the previous rate inceases. This is not 1990, the fundamentals of our economy are different. We have a booming mining sector, and an out of control superanuation industry.We have high rents, and unaffordable housing, our rural and manufacturing industries are struggling, because of the labour shortage, and high interest rates. The government needs to slow the booming sectors through legislation ( taxation, salary caps ) and the RBA needs to cut interest rates by 1- 2% to allow the rest of the economy to catch up to this "economic boom" . If this does not happen, within 10 years,we will be importing almost everything ( food , clothes, appliances etc ) FYI.... I am a farmer, and the growth in the farm-gate value of the commodities we produce, has increased by less than 1% per year, for the 16 yrs of this " economic boom ". We pay higher taxes than the booming sectors, recieve no government assistance , so why do you believe that it is appropriate for the RBA to slug us with higher rates, while we are trying to deal with our drought induced debts?

a lot of people are going to go to the wall before the phase begins repeating itself.