Informed debate on the economy has been overtaken by populist rhetoric feeding an overblown distrust of institutions.
Treasurer Jim Chalmers was spot on when he bemoaned that high interest rates were “smashing the economy”. And the peanut gallery’s view that Chalmers was attempting to divert blame to the Reserve Bank contains a kernel of truth.Treasurer Jim Chalmers has repeatedly defended his remark that high interest rates are “smashing the economy”.
He said voters were being presented with a “false dichotomy: for a company to earn any sort of income or profit, it is often inferred or related … as somehow being unjustly extracted from consumers”. But those who conclude that Chalmers is picking a fight with his hand-chosen Reserve Bank governor, Michele Bullock, have landed in the wrong place.
On the one hand, his use of terms such as “smashing” or “hammering” regarding the impact of high interest rates on the economy, clearly suggests they are a bad thing. With his salesman hat on, Chalmers is handing out a bit of sugar to struggling households in the form of relief on energy bills and rental payments.
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