Ex-premier roasted over RBA take
Queensland Labor leader Steven Miles sparked a heated reaction on social media after expressing support for the Reserve Bank of Australia's recent decision to cut interest rates.
On Tuesday, the RBA lowered the cash rate by 25 basis points to 3.85 per cent – the second cut this year.
Miles welcomed the move on platforms like X (formerly Twitter) and said he was 'pleased to hear' the RBA chose to cut interest rates.
'But I'd now like to see the major banks pass this cut of 25 basis points onto borrowers,' Mr Miles wrote.
'Queenslanders are still struggling with the cost of living. And this cut will help out Queensland families.'
However, he was quickly met with a wave of negative comments on X, with some users blaming him and his party for the previously high interest rates and accusing Labor of economic mismanagement.
Several also pointed out that the banks moved swiftly to pass on the rate cuts to borrowers.
'They did 1 min after the RBA cut. Stop paying silly political games. That and poor economic management was why you were annihilated at the last election,' one user responded. Queensland Labor Leader Steven Miles praised the Reserve Bank's rate cut but faced swift social media backlash blaming his party for high rates. NewsWire/Tertius Pickard Credit: News Corp Australia
Other comments included accusations like, 'The crisis that you personally created,' and 'You morons caused these interest rate rises.'
Another user wrote, 'Struggling because of inept governments like yours.'
However, Facebook users expressed more supportive views, with Tricia Cronan commenting, 'Labor, making Australia great,' and Kimberly Clark adding, 'Yessss its good news.'
The major banks confirmed they would pass on Tuesday's rate cut in full to customers with variable rate home loans.
NAB was the first to announce the change, cutting its standard variable rate by 0.25 per cent effective May 30, followed closely by ANZ, Westpac, and the Commonwealth Bank of Australia (CBA). Canstar Data Insights director Sally Tindall said she doesn't 'see a world' where the banks wouldn't pass on the cut. supplied. NSW real estate Credit: News Corp Australia
CBA Executive Angus Sullivan said the cut would provide 'much needed additional relief' for homeowners.
'When combined with the February rate cut this change should free up some more cash flow for homeowners who need it,' he said.
'We know many have had tighter budgets in recent months and will welcome that additional flexibility.'
Financial experts note that while banks generally pass on rate cuts during such economic conditions, they are not legally required to do so and may weigh various business factors when setting their rates.
Canstar director of data insights Sally Tindall said in the current climate, she doesn't 'see a world' where the banks wouldn't pass on the cut.
'The banks know better than anyone just how difficult it has been for some of their customers,' Ms Tindall said.
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The Advertiser
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NSW now receives its lowest share of GST since it was introduced - about 85 cents for every dollar raised. "What frustrates me is not so much that we support the other states, it's just the missed opportunities," he says. The distribution needs to change but the tax's bigger proportional hit on the spending power of lower-income Australians means Mr Mookhey does not support raising the rate. "We can do better," he says. "What we need to focus on is just making sure the system is simple, the distribution is fair, the distribution is predictable, but also the distribution is understandable." Another federal issue with implications for state budgets is the rise of the black market for illicit tobacco fuelled by rising excise on dinky-di durries. The market shift is robbing the Commonwealth of expected revenue and creating criminal complications for states. 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"Which means we're no longer borrowing money to pay our day-to-day bills as a government," Mr Mookhey says. "That gives us a platform for further progress." Australian Public Policy Institute chief executive Libby Hackett expects the budget will be a step forward, building on previous years. "This will be a structural reform budget: supporting better service delivery, infrastructure alignment and long-term productivity, even in a tight fiscal environment," Professor Hackett tells AAP. "Moreover, this budget presents a real opportunity to advance whole-of-government objectives in cross-cutting areas." Opposition Leader Mark Speakman sees it differently, warning the state is heading for "yet another low-vision, low-value, low-energy budget". "We have had not one visionary pre-budget announcement." The man who writes the cheques for Australia's largest state budget can finally focus on the future. Inflation was "blaring" in NSW Treasurer Daniel Mookhey's ears when he was compiling his first two budgets after Labor returned to government in 2023 for the first time in 12 years. "But the challenge in front of the state and the nation is making sure that we are growing our economy fast enough to support a rise in living standards," he tells AAP as he prepares to hand down his third. Mr Mookhey says Tuesday's state budget is about the future of the state's essential services and economic growth. "There's a lot of opportunity and a lot of ambition in NSW and the changes we're making are designed to hold on to what we love ... but also ensure that our kids and our grandkids have the same level of opportunity that we had," he says. While receding inflation and distance from the COVID-19 pandemic's associated spending have allowed the treasurer to cast an eye to the future, issues from the past remain. Framed in Mr Mookhey's parliament office is a newspaper headline relating to the underpayments scandal in the state's workers' compensation scheme he played a role in exposing in opposition. The page is yellowing with age as Mr Mookhey pushes to reform a scheme he is now in charge of, and which he argues is becoming unsustainable due to the rising cost and prevalence of psychological injuries. "It's been a hard case to argue," he says. "This system is failing everybody. It's a system that is fundamentally broken." Changes are simmering on the back burner after a parliamentary inquiry prevented action before the budget. Mr Mookhey hopes reform can create a "prevention culture" that limits psychological injuries from occurring. Outside of the workplace, he has promised some reassurance to people dealing with mental health issues and their loved ones. "They will see more investment in mental health resources in our health system and they will see more investment when it comes to our social interventions," he says. However, public psychiatrists at the pointy end of mental health crises should not expect the budget to deliver a pay rise at the level they have been calling for amid resignations in protest and arbitration in the state's Industrial Relations Commission. The federal distribution of GST to the states also continues to frustrate Mr Mookhey after dashing his hopes of a surplus in 2024. NSW now receives its lowest share of GST since it was introduced - about 85 cents for every dollar raised. "What frustrates me is not so much that we support the other states, it's just the missed opportunities," he says. The distribution needs to change but the tax's bigger proportional hit on the spending power of lower-income Australians means Mr Mookhey does not support raising the rate. "We can do better," he says. "What we need to focus on is just making sure the system is simple, the distribution is fair, the distribution is predictable, but also the distribution is understandable." Another federal issue with implications for state budgets is the rise of the black market for illicit tobacco fuelled by rising excise on dinky-di durries. The market shift is robbing the Commonwealth of expected revenue and creating criminal complications for states. It has already led to increased funding for enforcement within the health budget, but Premier Chris Minns indicated earlier in June a decision would have to be made about the resources devoted to combating illicit tobacco sales. While smoke clouds what the budget might do to address the issue, Mr Mookhey notes it is a source of public anxiety. "It's right and fair that we respond to community concerns about it ... we're going to have to work through what is the right solution." 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"Moreover, this budget presents a real opportunity to advance whole-of-government objectives in cross-cutting areas." Opposition Leader Mark Speakman sees it differently, warning the state is heading for "yet another low-vision, low-value, low-energy budget". "We have had not one visionary pre-budget announcement."
AU Financial Review
5 hours ago
- AU Financial Review
Labor must seal the cracks in Australia's carbon credits market
After Labor's resounding election victory, it is now likely that Australia and Pacific countries will co-host next year's global climate summit, bringing renewed focus on the Albanese government's performance in this area. With Australia's emissions continuing to rise and growing concerns in the business community about ESG risks relating to the offsets market, Labor should bring forward the review of its signature emissions pricing policy to this year.
