Treasurer Jim Chalmers has pushed back at claims from John Howard that the government is trying to blame the Reserve Bank for its economic troubles.
Jim Chalmers has pushed back at claims by former Liberal prime minister John Howard that the treasurer is diverting attention from his own failures to control government spending by blaming the Reserve Bank for “smashing the economy”.
On Sunday, the treasurer said high interest rates were “smashing the economy”, sparking criticism from the Coalition that the treasurer was placing blame on RBA governor Michele Bullock.“Chalmers’ clumsy attempt to shift blame for the painful consequences of high interest rates has badly backfired,” he said.“Interest rates are determined by domestic and international economic conditions, not by personal caprice of the treasurer or the board of the Reserve Bank,” he wrote.
“If he was an objective observer, he’d acknowledge our two surpluses in two years after our predecessors delivered none, he’d acknowledge almost $80 billion in savings, that we’ve banked almost all of the upward revisions to revenue where he spent most of them, and that our budget consolidation in our first year was bigger than he and Peter Costello managed in theirs,” he said.
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