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@mariner4life good rant bro. I think yesterdays hike was inevitable given the data that came out last week where year on year inflation increased from 6.3% for March to 6.8% for April. Whilst it’s nowhere near the 7+ we had in December, it was a spike that the RBA would say needs to be contained given the areas where the inflation was greatest and above the global inflation rate - food (7.9), housing which includes electricity (8.9), transport (7.1).
It’s a peculiar storm right now because the Oz economy hasn’t been like this before. You would think with 11 rate rises that people would be losing their jobs as firms tighten their belts but they aren’t. We still have very low unemployment and high workforce participation. Whilst it was clumsily delivered last week during a senate estimates hearing, Lowe is right that in an already high inflation environment when people have income they will spend and continue to fuel the inflation fire.
Add to that there are lots of jobs being advertised in the marketplace and people have money to spend (and are spending!). People want to continue to live the way they were living under low inflation and low interest rate periods.
I don’t agree with some of the commentary that the minimum wage decision has played a part in yesterdays decision - impact of the wage increase hasn’t even started (1 July). But the budget does play a role, government intervention, spending trajectory particularly built in permanent increases to this and that.
If nothing else just sit back and watch politicians play the blame game and throw the RBA under the bus.
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Firms in many industries and locations already "tightened their belts" and can't lay off more staff without stopping trade
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@mariner4life said in Aussie Politics:
Firms in many industries and locations already "tightened their belts" and can't lay off more staff without stopping trade
I don’t disagree with that and particularly in industrial sectors there has been a contraction in employment. But overall those that may have lost jobs are more than likely remained in the labour force with hours work increasing, underemployment decreasing and total number of people employed increasing. It’s a strange old economy right now and todays GDP numbers point to more pain for months ahead.
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Interesting to watch people squirming, ducking for cover and making counter-allegations when it comes to the shit-fight that is Katy Gallagher right now.
What I do find amusing and entirely unsurprising is the support offered freely to "whistle blowers" evaporates as soon as the wrong side's information is leaked.
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@antipodean said in Aussie Politics:
Interesting to watch people squirming, ducking for cover and making counter-allegations when it comes to the shit-fight that is Katy Gallagher right now.
What I do find amusing and entirely unsurprising is the support offered freely to "whistle blowers" evaporates as soon as the wrong side's information is leaked.
I'm just surprised ( I know I shouldn't) the amount of leaks in sport/politics when the media is linked and none of it ever seems to be able to be traced.
Every corner in denial mode right now though, hard to know what really happened..
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How does the performative art of politicians, CEOs and associated suckholes spending a night in new sleeping bags, with security, continue to be a thing?
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Yeah it seems to be slowly losing steam, but I'm amazed it's still going. I genuinely think a key reason for it's continued popularity is being called the 'CEO sleepout' and attracting the type of people who love to be publicly referred to as CEOs. Like - 'look at me, I'm a big swinging CEO AND I'm raising money for charity'.
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so you are no longer allowed to choose gas for your home in Victoria.
this country just allows itself to be buried in rules and red tape. In fact it seems many welcome it
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@mariner4life said in Aussie Politics:
so you are no longer allowed to choose gas for your home in Victoria.
this country just allows itself to be buried in rules and red tape. In fact it seems many welcome it
New developments are banned from it in the ACT too. Meanwhile the government keeps telling us that all our electricity is renewable. To which I suggested they remove the wires coming in from NSW...
The irritating aspect of regulation is that the housing standards for this cold/ hot windy shithole are laughably inept. Mine is 40 years old, currently in the process of renovating and there's no insulation in the walls, single pane glass with alum frames. There was no underfloor insulation. And to keep it reasonably warm in winter I need to spend near $2k on gas.
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@antipodean said in Aussie Politics:
@mariner4life said in Aussie Politics:
so you are no longer allowed to choose gas for your home in Victoria.
this country just allows itself to be buried in rules and red tape. In fact it seems many welcome it
New developments are banned from it in the ACT too. Meanwhile the government keeps telling us that all our electricity is renewable. To which I suggested they remove the wires coming in from NSW...
The irritating aspect of regulation is that the housing standards for this cold/ hot windy shithole are laughably inept. Mine is 40 years old, currently in the process of renovating and there's no insulation in the walls, single pane glass with alum frames. There was no underfloor insulation. And to keep it reasonably warm in winter I need to spend near $2k on gas.
But you live on a fireball 😉
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@antipodean said in Aussie Politics:
The irritating aspect of regulation is that the housing standards for this cold/ hot windy shithole are laughably inept. Mine is 40 years old, currently in the process of renovating and there's no insulation in the walls, single pane glass with alum frames. There was no underfloor insulation. And to keep it reasonably warm in winter I need to spend near $2k on gas.
Because we'd rather build cheap houses than pass on costs to consumers during build.... Paying on costs comes later for the consumer...
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@NTA said in Aussie Politics:
Because we'd rather build cheap houses than pass on costs to consumers during build.... Paying on costs comes later for the consumer...
can't even build cheap houses from scratch any more anyway
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@nostrildamus said in Aussie Politics:
@NTA said in Aussie Politics:
Because we'd rather build cheap houses than pass on costs to consumers during build.... Paying on costs comes later for the consumer...
can't even build cheap houses from scratch any more anyway
Certainly not apartment blocks
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So we're going to have a COVID inquiry. Terms of reference explicitly exclude the unilateral actions and decisions of the States. The ones that removed what people tend to call human rights. No review of the State arresting a mother in her home for liking a Facebook post...
Speaking of, Qld has now just dropped its COVID mandate for its Health staff.
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@antipodean said in Aussie Politics:
So we're going to have a COVID inquiry. Terms of reference explicitly exclude the unilateral actions and decisions of the States. The ones that removed what people tend to call human rights. No review of the State arresting a mother in her home for liking a Facebook post...
Speaking of, Qld has now just dropped its COVID mandate for its Health staff.
It's the worst of both worlds - a toothless yet still expensive ($ and resources) review just to tell us that JobKeeper wasn't done right
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