#profitledinflation — Public Fediverse posts on home.social

#RichardDenniss from the #AustralianInstitute talks about the RBA and its role in our economy in plain language that everyone will understand. It cannot be said often enough that the RBA’s obsession with controling inflation is a two-edged sword which, if you listen to Denniss, hurts the most vulnerable in our society and about a third of Australians who rent (because landlords put up their rents when mortgage rates go up) and another third of Australians because their own morgage rates also go up. On top of that, fighting inflation also causes higher unemployment. Denniss does a good job explaining all of that here, have a listen:

https://omny.fm/shows/whats-the-point-with-richard-denniss/whats-the-point-of-the-reserve-bank-of-australia

Another conversation could be had about whether the RBA should be independent of govt (Finance and Treasury) given that the govt is the only authority for issueing and removing currency.

#Inflation #RBA #NAIRU #Unemployment #ProfitLedInflation #Banking #CashRate #TaxReform #TaxSuperProfits #TaxTheRich #MMT #NeoLiberalEconomics

More on Employment from the RBA:
https://www.rba.gov.au/publications/bulletin/2024/apr/pdf/assessing-full-employment-in-australia.pdf