Even as we spent less, the Reserve Bank kept raising rates – and now household disposable income is back to what it was in 2015
‘The main reason why our living standards have fallen is because the Reserve Bank has been trying with all its might to reduce them.’‘The main reason why our living standards have fallen is because the Reserve Bank has been trying with all its might to reduce them.’
This is unsurprising. Unless something drastic occurs – such as a pandemic that shuts down the state – economies are supposed to get bigger each year. And so the medicine of interest rates, the RBA argues, is for our own good – we need to stop spending so much so the economy will be back “in balance”.
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