The cost of living.

The article in this weeks "The Saturday Paper" by Mike Seccombe raises many issues about the current state of the cost of living. His comments are very salient, as are those of Craig Emerson an economist and former senior minister of the previous Labor government. Emerson in particilar is critical of the conclusions of the RBA ,currently and in the recent past.

It needs to be remembered that when the RBA resumed increasing the cash rate from 6th April 2022 it had been maintaned at that level since the 4th Nov. 2020 and at very low rates below 2.00% prior to the 4th May 2016. Apparently this was condusive to encouraging individual investment in home ownership. During this time the banks and financial sector were well entrenched in practises of misconduct even possibly criminal activity. Unfortunately, despite supposedly working closely with APRA and ASIC the triumvirate sat on their hands turning a blind eye to the aforementioned malpratice. When in December2017 the government of the day were finally embarrassed enough, they set up " The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry" which was submitted to Parliament on the 4th. Feb.2019.

Oddly enough in The RBA annual report - 2016, amongst other comments they said "fosters financial stability".

With all the external factors supposedly affecting our economy, is the RBA on thr right trail? Is the RBA truly independent?? With a Parliament of independent members (without any vested interrests) surely the Nation would be better off.

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