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Senate Estimates

The Greens understand that the Senate will today support our motion requiring Reserve Bank governor Dr Philip Lowe to appear at Senate Estimates.

“Independence does not mean a lack of accountability,” Greens Economic Justice Spokesperson Senator Nick McKim said.

“There are serious questions for Dr Lowe.” 

“Dr Lowe induced people into taking on massive amounts of debt by saying interest rates wouldn’t go up until wages had increased substantially and this was unlikely to be until 2024.”

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RBA again fails to acknowledge record high corporate profits

Greens Treasury spokesperson, Senator Nick McKim, has responded to the RBA Governor, Philip Lowe’s, speech today in which he again failed to acknowledge the role of corporate profits in driving inflation.

“Yesterday’s National Accounts showed that profit’s share of national income hit a new record high and that wages’ share of national income hit a new record low.”

“In the 60 years that records have been kept, never have workers been getting a smaller slice of the pie, and never have business owners been getting a bigger slice of the pie.”

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RBA lodges a vote of no confidence

The RBA’s decision to cut interest rates to new historic lows and start a new round of quantitative easing is a vote of no confidence in the Government’s recovery plans, Greens Economic Justice spokesperson Nick McKim says.

“This decision shows the RBA has no faith in the Liberals’ agenda of tax cuts for the super wealthy and more handouts for the big corporate polluters,” Senator McKim said.

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