Daniel Andrews says the central bank’s Reserve 11 interest rate rises are not effectively fighting inflation.
Daniel Andrews has blamed the Reserve Bank of Australia’s advice to “go and borrow” during the pandemic for contributing to, while also arguing that the 11 interest rate rises are “smashing families” and not effectively fighting inflation.
“We were told ... you’ve got to go and borrow to get through. Otherwise, we’re going to have labour market scarring, where literally hundreds of thousands of people will lose their job and a good number of them won’t get another job for a decade. Big structural damage, terrible pain. A catastrophic outcome,” Mr Andrews said.
”The problem with this policy lever, these tools, is that you don’t know that you’ve gone too far, until you’ve gone too far. This is not a precise thing.“
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