@daicosisgod; your warnings about economics have as a backdrop your addiction to the Liberal Party's commitment to $Feeding $Greed - contrary to Australia's core values and attached to 1980s crap trotted out by Thatcher, Reagan and most recently by Abbott and his successors.
Prior to that post I thought you were aware that there's more than one view of economics and that theories including Thatcherism - Reaganism - Trickle Down BS have been totally and absolutely discredited. Monetary Theory is dead in the water because the USA can still manufacture 'money' whenever and in whatever proportions it chooses. The day the vaults of Fort Knox are thrown open and cryptocurrency ETFs are required to stump up something of real value it's 'game over'.
At its most basic economics is about human 'enterprise' including the creation of material wealth and its distribution. Essentially, that's what workers do!
The RBA lost $35 Billion under the Coalition as it pursued its core economic policy of $Feeding $Greed. It's recently increased interest rates because it sent them too low and left them there for way too long. Now its trying to retrieve some of the losses it created under the Coalition.
Interest rates are a $Cost based on the use of money, those borrowing such pay the 'agreed rate'. Increasing the cost of borrowing money is by very definition INFLATIONARY and the RBA can spit out whatever it likes as propaganda but that's a FACT!
Transferring wealth from borrowers to capitalists by increasing interest rates doesn't reduce inflation, it makes borrowers poorer and the RBA should have the common decency of explaining to the Australian People how it deliberately makes poor people poorer at times which suit its ideological agendas.
Jim Chalmers had the chance to sort the RBA out, he chose instead to let it continue to be a law unto itself and to determine how wealth is distributed throughout Australia. It's time we adopted the Swiss model - key decision-making by DIRECT DEMOCRACY rather than representative parliament deploying processes divorced from the Australian People.
