State premiers panic on interest rates


The independence of the Reserve Bank of Australia (RBA) was thrown into question last week when Labor state premiers ganged up demanding interest rate cuts.

Queensland Premier Steven Miles took to social media on Thursday urging the RBA to begin reducing the cash rate immediately to take the pressure off households.

“The Reserve Bank needs to start cutting interest rates now to take the pressure off households”, Miles said, leading the charge.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.