Cost-of-living crisis analysis with the Treasurer | Insiders | ABC News

[@sampsonsunny6298]

Inflation caused by quantitative monetary policy by central banks in this country and especially USA and Europe.

[@yeoldbandicoot548]

The Reserve Bank is gutless. Inflation is not coming down and unless rates get to 6-7% we will have inflation for a decade. The hard yards need to be taken.

[@LordandGodofYouTube]

People got used to unrealistically low-interest rates which are still historically low.

[@SCplayer1000]

They're not gutless. They know exactly what they're doing. You've found the droids you're looking for.

[@silverlinings3946]

You will never improve public spending unless and until you tax big wealth. Australians could be one of the richest people on Earth, with all the resources Australia has. Instead, there are very few asset owners who get obscenely rich while many Australians cannot afford to rent a decent home.

[@ShishakliAus]

In a winner takes all system, why should we be surprised when the winners take all?

[@silverlinings3946]

@ShishakliAus I'm not surprised by this. I'm surprised by all the losers who think that by working hard they somehow become winners. The trophy stays just above reach, but obviously the bright side, they contributed to more wealth of a few billionaires while lovers fed themselves on hope.

[@cinpeace353]

Countries using elections as a tool to determine the leader would face the candidates are pre-selected by the rich, plus all policies are likely result of lobbying by the rich. It is how the system works. Not much could be done.

[@michaelandrews4783]

@@silverlinings3946 Propaganda, and I truly believe most people are born honest and naturally find it very difficult to accept right wing parties are not constantly lying to them, which they are, and are far to forgiving of this (because they find it difficult to accept). Our society is geared so sociopaths and liars have a massive unfair advantage.

[@silverlinings3946]

@michael andrews yes, that's true. People are mostly trusting in honesty and goodwill of others, and the RW find it easy to manipulate public opinion. We need to wise up.

[@ShishakliAus]

Corporations are making money hand over fist, and to get that money out of the econony the response is to raise mortgage and rent payments? Pure class warfare

[@JonCusack]

Can we please have Insiders as a regular KZbin upload please? I still watch it on KZbin but when live (which I can rewind)

[@winterfun]

The privilege they have to be so disconnected. This is sickening to watch. There should be no system that is corrected by sacrificing the many to homelessness and poverty. This is disgusting.

[@SCplayer1000]

Unless the people take ownership of their democracy soon we'll all be suffering under fascism.

[@colinburns8854]

And what would happen to homelessness and poverty if Phil Lowe et al just let inflation rip?

[@yeoldbandicoot548]

Excited that there is to be an enquiry running to November 2023 to look at a People's Bank based in Post Offices Australia-wide. This is especially critical to regional Australia where regional bank closures are in excess of 1600 in the last 5 years. The colluding big 4 banks need some competition.

[@yuapanda]

There was a move in that direction by the former boss but she was run out by scomo under the guise of outrage over the Cartier-watch bonuses.

[@20Proff]

Silly wagie thinks the banks are separate... The RBA is the Commonwealth bank which is NAB which is Westpac which is ANZ... They are the same bank... So where do banks get the money they lend out then??? Hurr durr, other deposits, so someone can't withdraw money if a mortgage is approved??? Think wagie...

[@willaxesawian9242]

@@20Proffyou sound like you wanna blurt out wojak lore

[@20Proff]

@@willaxesawian9242 Not sure what wojak lore is, but nice way to answer the question... Where do banks get the money they lend out???

[@AussieZeKieL]

@@20Proff the RBA. That’s why there a difference between the cash rate and your bank rate. (That’s the profit margin of the bank)

[@cydia2020]

David needs to stop constantly interrupting others, it's getting annoying really quickly

[@SCplayer1000]

@dietcola ABCs attempt to appear balanced?

[@FizzahEditz]

@dietcola David absolutely sits on the right, tries to redirect every conversation into an anti labor viewpoint

[@locklanh]

Inflation is the result of corporate greed! Slowing fiscal spending is just austerity with a new face - monetarist inflation has never been demonstrated. The only response to a cost of living crisis can be price fixing and financial relief. I cannot believe that panel discussion was so uninformed.

[@SCplayer1000]

Believe it.

[@ShishakliAus]

Theres no inflation. Only price gouging

[@michaelandrews4783]

Corporations set the prices "inflation"

[@MrMofo01]

I saw Ol' Phil couldn't stop smiling during his inquiry. Clearly enjoys the notoriety. Dangerous trait for someone with such powers!

[@robbie3877]

Inflation was largely caused by the lockdowns. People were told it would affect the economy in the long run and we are seeing the results of that now. Idk what people expected? The RBA can't just print money out of thin air without consequences, it has a knock on effect in the economy when the government over spends to stimulate the economy while it's been on freeze. One of those knock on effects is inflation.

[@Spectoral_on_SPOTIFY]

Jim "Everything is always the fault of the previous government and I have no answers" Chalmers

[@jamiecollins5005]

If you moved into a new house, would you take responsibility for the hole in the wall left by the last tenant?

[@Spectoral_on_SPOTIFY]

@@jamiecollins5005 I sure as hell wouldn't live with a hole in the wall nor a plan to fix it for 9 months lol

[@AussieZeKieL]

@@Spectoral_on_SPOTIFY lol😂 Jim won’t do much, which is probably the right move. Let’s ride out inflation, then the government can spend big if we crash

[@Asynca]

@@AussieZeKieL I actually think that's really all they can do economically and politically. Hold cash and then spend big if we do make it into recession. I wonder how much KRudd's $900 would be worth now? XD

[@AussieZeKieL]

@@Asynca unfortunately that’s not what they’re doing. They’re still spending and raising taxes to cover their shortfall. That leads to higher inflation and more pressure on the citizens. Wait for the budget in May, that’ll tell us how bad it could get.

[@michaelhudson5741]

Why is it people seem to think that rent will trend when power and house prices come down.

[@robbie3877]

You're right. It goes the opposite way because as house prices come down mortgage holders and house owners lose money in the long run.

[@medhurstt]

Isn't having housing prices drop, effectively taking money out of the economy?

[@silverlinings3946]

Good question, but no.

[@medhurstt]

When homes sell at lower prices, the loan produced is smaller and therefore less money is introduced into the economy. It's the way the monetary system works.

[@ShishakliAus]

"The economy" is just a measure of how well CEOs are doing. A strong econony is uaually bad news for 80% of us

[@justforsneakz]

Use tax for f sake- remove heat in the economy by taxing properly

[@lolitavlcek6373]

THEY MENTION THE. GAMBLING WHAT ABOUT. OTHER POLITICIAN. THEY. GAMBLE THEY GAMBLE BIG. ONE HOWS. IS THAT THEY LOOK AFTER NORMAL PEOPLE. THEY R. TARGETTING NO. GOOD. FOR THEM

[@lolitavlcek6373]

THANKS. FOR YOUR RESPONSE GAMBLING POLITICIAN. THEY. BEAT. BIG. MONEY THIS POLITICIAN. ALWAYS. TARGETTING. NORMAL PEOPLE ISSUE. MOST. OF. THE TIME WHAT ABOUT THEM. GAMBLING CORRUPTIONS. WHAT. THE. JOKEDWE DONT. CARE. ANYMORE WE. ALWAYS. IGNORE THEM.

[@michaelredfearn9125]

A joke they went so low on interest rates in the first place, which ultimately inflated house prices. It was deliberate and the Aus Govt fueled it with gimmick FHB grants and stamp duty waivers to get sugar hits on GDP figures for bragging rights during election campaigns. APRA should also have set loan stress tests at 5% points, not 2.5%. Aus Govts have failed its citizens. The most indebted households in the world after the Swiss and only inflated house prices to show for it.

[@peterbardsley2636]

There's a lot of people who aren't going to be able pay their home loans if they keep raising rates. Think about someone who owes 500k to 700k to the banks every time they do a .25 hike that's hundreds out of there pockets. Sure you can say they shouldn't have borrowed that amount but the reality is that's what people have done to buy in our major cities. I think if we hit 4% there's a lot of people who will be forced to sell.

[@samirkhairnar]

Keep raising interest rate.... that's the only solution they have...they get paid for raising interest rate. When the going is tough....make it more tough. They completely ignore the supply side of the issue. Housing supply needs to be released on a firefighting scale. Rather than heavily taxing the middle income....TAX the rich. They get away so easily dodging what they should be paying. Property investors keep getting tax benefits and at the same time profit heavily from exorbitant rents. First home buyers are finding it incredibly hard to get a roof over their head.

[@detectiveofmoneypolitics]

Economic investigator Frank G Melbourne Australia 🇦🇺 still watching this very informative content cheers Frank

[@trill4907]

He HAD to BLAME the previous government I am not in a cost of living crisis because I don't rely on the government to live in Australia

[@backseatgaming9087]

Do you live in a cave or something?

[@trill4907]

@@backseatgaming9087 no I don't live in a cave..but I generate my own power using a solar panel and a battery an Esky and a broken fridge as an ice box..a wood stove for cooking and I have a caravan to live in... and a covered in gazebo...

[@TheThingsushouldknow]

U NOTICE NOT ONE WORD ABOUT MEN WHO HAD TO SELL EVERYTHING AND LOOSE THERE SUPER TO A GF WIFE THEN IF HE GOT 2 KIDS THEN HAS TO PAY 27 PERCENT OF HIS INCOME IN THE WAY OF CHILD SUPPORT AND 30 PERCENT TAX ON TOP OF THAT AND IT DONT MATTER IF YOUR EX HAS MARRIED A BILLON AIR WHO EVER IS PAYIING CHILD SUPPORT IS STILL HAS TO PAY 27 PERCENT OF INCOME AS WELL AS TAX ON TOP OF THAT // BANKS WONT LOAN MONEY IF U PAY CHILD SUPPORT BECAUSE THEY CLASS THAT AS A EXPENCE TAKE OUT OF YOUR INCOME // BUT WHO EVER COLLECTS CHILD SUPPORT CAN USE THAT MONEY AS INCOME IF U GOING TO BORROW MONEY BUT THERE IS NOT ONE WORD ITS LIKE NO ONE WANTS TO SAY ANYTHING I RECON ABOUT 25 PERCENT OF MALES PAYING CHILD SUPPORT I DONT KNOW HOW U CAN LIVE WITH JUST 43 PERCENT INCOME NO ONE WANTS TO LOOK AT IF U FORCED INTO CHILD SUPPORT AND U HAD TO SEEL EVERYTHING

[@johnwho5567]

Exactly poor guidance.....he was better not saying anything.....People will never listen again.

[@englishpractiseclub4583]

What they don't want to say is that the sanctions on Russia caused the inflation, so the Reserve Bank in their forecasts could not take this into account at the time. The western sanctions have only hurt the West: Hence, higher rates. However, at least we do not live in the EU with some countries with up to 25 % inflation rates.

[@ShishakliAus]

Corporate greed and price gouging are driving prices up. Can't blame Russia for record profits

[@englishpractiseclub4583]

@@ShishakliAus What do you mean by record profits? Do you mean the oil companies or what? Record profits in oil and commodities are caused by sanctions at the moment. I don't see record profits in other sectors. Furthermore, a company is a profit-seeking entity that is supposed to maximize profits for its shareholders, so your argument is somewhat confusing. Of course, they are trying to maximize profits! Moreover, the negative investment in energy caused by the religious green agenda will also cause energy spikes and hence inflation. Unless you want a centrally planned economy?

[@chuckitaway466]

ABC is inflationary

[@lolitavlcek6373]

GO GO. DAVID. SPEERS. WE. I LISTENING. OF. WHAT. U. ASKED HIM. U R. DIRECT. TO THE POINT VERY. GOOD. TO. HEAR. FR. U REMARCABLE.

[@lolitavlcek6373]

HOW WONDERFUL TO WATCHED ALL INSIDERS ENJOY YOUR AMAZING. DAY HAPPY WEEKENDS GOOD. TO WATCHED U. DAVID. SPEERS GOD PROTECT U ALWAYS LOVE. U ALL

[@organicod2438]

Lolita, it might be time to seek some professional help.

[@lolitavlcek6373]

@@organicod2438 MOST. PROBABLY. YES. AS. WHAT. U SAID. THANKS

[@lolitavlcek6373]

IM PROUD TO WATCHED U ALL INSIDERS ENJOY YOUR WONDERFUL. TIME. HAVE. A. NICE DAY. I ALWAYS. WATCHED U ALL EVERY SUN . TAKE. CARE MAY. THE. LORD. GOD. BE WITB U ALWAYS.

[@mohammadsabirkhawary2548]

دا باران ده مرغلرو د د اوشکو فواری دی.