ERROL PARKER | Editor-at-large | Contact
The Reserve Bank Governor slashed interest rates this week, he says, in a last-ditch effort to save the career of Treasurer Josh Frydenberg.
Philip Lowe, the current head of our nation’s federal reserve spoke briefly to The Advocate this morning about the rate cut and what it means to the economy going forward.
“Look, most of the banks have passed on the cut so hopefully families have more money to spend and put back into the economy,” he said.
“But, the issue is is that people aren’t spending it, they’re saving it. It seems everybody in the country is convinced that the economy is months away from derailing and bursting into flames. Everybody except the Treasurer,”
“Which is fair enough, it’s his job to remain chipper about this absolute tractor fire. Honestly, this last rate cut was to salvage a bit of Josh’s [Frydenberg] political credibility. Hopefully, he rings me this week to ask me what in the blue fuck I think I’m doing. Hopefully. If this doesn’t work, I’m all out of ideas.”
The Advocate reached out to the Office of the Treasurer for comment but have yet to receive a reply.
However, the Prime Minister’s Office explained to our reporter via a statement that the Reserve Bank is giving hardworking Australians another go by cutting rates.
“It’s a bonus go, if you will,” the statement said.
“Bonus goes are essential to the Promise of Australia; they’re a miricle to some families. A God-sent,”
More to come.