they truly never asserted control over anything except the information given to journos......
they have been a Do Nothing Gov. from the start..... even when Dr Lowe was asking the fed gov., over 12 months no less, to apply some fiscal stimulus to our flailing economy pre-covid the gov. failed to act until they called Dr Lowe into Frydenberg's office and forced him to recant and repeat after F. "the economy is strong".
the 0.25% rise is probably the smallest they thought they could apply to try to deaden demand for credit. imo, it won't be enough and July is likely to see another rise if the CPI figures remain elevated.Reserve Bank governor Philip Lowe said the combination of recent very high inflation numbers and evidence that workers were starting to get bigger wage increases as a result of a low 4 per cent unemployment rate meant that the time was right for "normalising" interest rates away from emergency lows.
"The board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time," he noted in his post-meeting statement.
https://www.abc.net.au/news/2022-05-03/rba-interest-rates-rise-25-basis-points/101033156"This will require a further lift in interest rates over the period ahead."
