We all knew this would happen over a year ago if the Labor Government were to be in power. The warnings were there. The ALP have a proven track record of mismanagement of the economy, they have now been in Government for 44 days, have sat on their hands, and the RBA has ramped interest rates twice...the highest increases in 22 years.
Inflation is taking hold, we knew it would, and is being exacerbated through the ALP's Trade Union movement pushing for higher wages...following Albanese's silly pre election "promises".
The Reserve Bank has no real choice but to utilise the only means available to dampen inflation by increasing interest rates... far higher than they ever would under a Coalition Government.
History records that under a Labor Government RBA interest rates in this country will be at least a full percentage point higher than under a Coalition Government.
Thank goodness these clowns will only be in for one term...but the damage they are going to cause will linger for a decade, just as what has happened the last time this country "experimented" with a Labor Government...
