Inflation debate: Older Australians accused of driving crisisBY JAMIE WILLIAMSON | WEDNESDAY, 5 JUN 2024 12:44PMThe Reserve Bank of Australia is accused of using young Australians as "cannon fodder" in fighting inflation after it conceded over-65s are spending more on the back of increased rates, leading to suggestions older Aussies are driving inflation. Related News |
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Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
I believe that you are only looking at one side of the coin. What about when interest rates were at historical lows. Were they "making bank: then? At least take a balanced look.
RBA only has an interest rate lever. The government needs to come to the party of fiscal management as well. I am not sure that is happening.
Of course the opposite applied over the last few years when those with savings cut their spending when interest rates were absurdly low, dampening the stimulatory impact of the lower interest rates. Central banks across the world have not taken proper account of demographics when setting interest rates particularly as the baby boomers, who own a lot of the assets, have entered retirement age. The main manifestation of this was interest rates being kept too low for too long that encouraged levels of debt that were, and are, too high.