Greens Treasury spokesperson, Senator Nick McKim, has responded to today’s decision by the RBA to increase interest rates.
“The RBA is smashing workers, renters and recent homebuyers to try to bring down inflation that is being driven by supply shocks and corporate profiteering.
“We are hearing plenty from the government and the RBA about supply pressures.
“What we aren’t hearing from the government or the RBA is about the role of corporate profiteering.
“Profit’s share of national income was already at a record high and workers' share of national income was already at a record low.
“Now big companies are using the cover of inflation to gouge prices and further drive up inflation.
“This is why raising interest rates is the wrong medicine.
“To tackle the cost of living crisis, we need government action to make big corporations pay their fair share of tax.
“We need corporate super profits taxes to help rein in corporate profiteering and to help fund cost of living relief, such as by putting dental and mental into Medicare, building 1 million new affordable homes, and providing free childcare.”