The Reserve Bank of Australia’s new Governor, Michele Bullock, (main picture) yesterday announced a rise in the cash rate to 4.35% making it the highest rate in more than a decade. The increase which flows on to home mortgage holders is designed to continue the fight against inflation. The Bug took to the streets of Sydney to test public response and found all respondents seeking the return of previous RBA chief Philip Lowe.
Phil Ipploe – 61, recently retired bank teller of Coogee
“I reckon it means that the bloke who previously ran the RBA wasn’t so bad after all. They should get him back. What actually did I do wrong? I mean what did he do wrong? At least when I, …. I mean when he was running the bank as Governor the whole country could justifiably claim to have Lowe interest rates no matter if they went up or down.”
Lois Phillip – 61, housewife of Cronulla
“I wish they had kept that chap who previously ran the bank. He really knew what he was doing. Sure, way back in March 2021 he said rates wouldn’t rise until at least 2024. And sure, since then they’ve gone up 13 times. But if you’re smart, like me, you look for alternative investments and I’ve cashed out all my investments and put my entire life savings into shares in a foolscap paper manufacturer. Now I just have to sit back and wait for a sweet return.”
Fi Lip Loh – 61, abacus maker of Haymarket
“Tuesday’s decision raises legitimate questions about why the government got rid of the previous Governor of the Reserve Bank if they wanted a change in the bank’s approach. They should have known. As Confucius once said: ‘The bullock always takes the low road.’ Spooky hey? Imagine if he actually said that. Oops.”
Phillipa Low – 61, professional talkback caller, Parramatta
“I think the rate rise yet again shows the value of having a central bank Governor who can take the decisions that are needed at any particular time, totally independent of political influence from the pathetically woke federal government. I’ll be ringing Ray and then Ben and getting on air to blame the woke, arrogant, woke, out-of-touch, woke Labor Party government for getting rid of the previous Governor probably just because he was middle-aged non-woke white bloke. Did I mention the woke government?”
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