The RBA has left interest rates on hold at 0.1 per cent, saying that while it was monitoring the housing market and economic recovery it remains committed to its current policy settings.
“These various monetary measures are continuing to help the economy by keeping financing costs very low, contributing to a lower exchange rate than otherwise, and supporting the supply of credit and household and business balance sheets. Together, monetary and fiscal policy are contributing to the recovery in aggregate demand and the pick-up in employment,” RBA Governor Philip Lowe wrote.
Governor Lowe has signalled that interest rates are unlikely to rise for several years.
Rates at this level is [b]obscene and unconscionable[/b] – no better words for it. The govt and/or RBA should be [i]abjectly ashamed[/i]. It is wiping out retiree savings, pensioner savings AND just try to convince a child it is a good idea to put money in the bank and earn interest on it, like we all were blessed to do as kids. It all stems from the fed in the USA and the profligate unchecked spending and waste – they are the real evil and cause of these ludicrously low rates by printing money wantonly in the multi [b]trillions [/b]- again, OBSCENE. This will end in the worst catastrophe ever seen on planet earth. Sadly, the real cause – [color=red]the fed & US govt – will never be held to account.[/color]
The RBA needs to get real and start lifting rates. This denial of reality is a failure of leadership. We have coincidental inflation AND deflation, masking the truth that inflation is the killer for ordinary folks who arer being hit on all sides while the very wealthy and the moderately wealthy retirees are protected species. Someone in our industry needs to speak up/out rather than merely looking after their own iinterests and going along with this government’s (and the RBA’s) nonsensical failure of monetary and fiscal policy, not to mention retirtement income policy.