Kochie doubles down on RBA criticism as rate decision looms‘Don’t keep punishing us for inflation.’2 min read

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Economist David Koch has doubled down on his criticism of the Reserve Bank, urging policymakers to look beyond household spending as another interest rate rise looms.The Compare The Market economic ...

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We can’t keep fueling inflation.“Australian households have done that. Spending is way down. Consumer sentiment way down. Business confidence way down. “We’re doing the right thing, but a lot of what’s driving inflation is beyond our control.”Koch pointed to global oil prices as one factor households had little ability to influence, arguing motorists were already feeling the impact at the petrol pump.Be the first to know: Add 7NEWS as your preferred news source on Google“We’re paying the equivalent of an increase in interest rates just at the pump,” he said.“And now we’re going to get a rate rise on top of that.”David Koch argued motorists were already feeling the impact at the petrol pump.  Credit: AAP/SunriseKoch said governments also needed to take responsibility for spending and the prices they control or influence.“Government spending and government pricing of health, childcare, all the things that they can influence,” he said.“Government wages are way higher than private sector wage increases.“I’m not being political. It’s not one party or another. It’s all levels of government. States are probably the biggest to blame.“We need to focus more on governments who are spending more than they did during the pandemic to keep us out of a depression.“Rein the spending back and take the inflation reheat out of it because we’re paying for it.”Koch also raised concerns over rising council rates, state government charges, and private health insurance premiums. He said the scale of government spending was creating more demand in the economy, putting further pressure on prices.“We’re doing the right thing ... and we’re paying for it,” he said.Koch’s comments come as the RBA considers whether another rate rise is needed to bring inflation back towards its 2 per cent to 3 per cent target.Bullock on Tuesday said the RBA was monitoring risks, including excess demand, elevated oil prices, and inflation expectations, but did not signal what the Board would decide next week.The cash rate is currently 4.35 per cent after three increases earlier this year.Labor minister responds as party support sinks to near-record low2 min readPremier’s chilling domestic violence alert as grim dates loom3 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2669502178","isCrawlerRequest":true}