ERROL PARKER | Editor-at-large | Contact
Reserve Bank Chief Philip Lowe says he’s only playing the hand life’s given him as he struggles to kill the inflation beast with interest rate hikes.
In an effort to make sure the Liberals kept the property conga line going for investors, state and territory governments and ageing homeowners, the Reserve Bank put off hiking interest rates as long as they could. Right up until the election campaign. Now, Australians are paying much more for things despite being paid the same as they were in 1995.
Which is one thing that Mr Lowe, or ‘The Rate Rudeboy’ as he’s asked The Advocate to refer to him as, wants more Australians to understand.
“I want people to learn and understand that I’m just a cog in their misery, I’m not the whole clock,” he said.
“If you’re struggling to service your mortgage that you have on some ColorBond shitbox on the fringe of some grossly over-valued capital city then go talk to your bank manager. They’re the one who let you get yourselves into this mess. They’re the fiscal fleshlight you should be cross with,”
“Go throw a pot of brake fluid over your mortgage broker’s Mazda if it makes you feel any better. You can follow me up Martin Place and call me whatever. Sure, I said I wouldn’t raise rates until 2024. That was just me honey-dicking people into breathing new life into the bloated corpse of the Australian housing market that keeps washing ashore. Honestly, I don’t know what people want,”
“The housing bubble bursting or no recession? Either way, I hope I go before someone has to make that choice.”
More to come.