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The Role Of The Central Bank…

More from Senate Estimates with Senator Rennick asking some important questions of the RBA Governor about how the Bank operates, and its accountability.

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  1. Imagine the world where central bank actually works in the interest of the country. They make it a technical point subsidising the banks (excuse is best liquidity intention) which have no interest in normalising the retail borrowing. Legalised robbery, too big to fail.

  2. Instead offCentral banks raising and lowering interest rates to control the economy why don’t we have static rates and Government raises and lowers taxes to control the economy?? The current system is obviously broken with spooky statements from over paid economists that wreak havoc in people’s lives with ridiculous financial policies.

  3. Filthy Phil..not rattled , quite the confident arrogant f..ker. Good questioning senator

    It will be a laugh when the financial state needs answers, see how well his bureaucratic answers hold then…see if he holds his nerve then…doubt it

  4. I certainly don't recall any "conditional" language being a part of the RBA's statement on not raising interest rates until 2024!
    Conditional clauses include: if, could, would, whether, depends on, …
    Either way, an "if" is necesary in one of the clauses to create a conditional sentence.
    Does anyone have the exact RBA statement on hand so that we can compare and check whether the RBA boss is correct?

  5. Private Banks got 0.15% from the reserve bank and the public got 2.2%. from the Private Banks. No-one spoke to the banks about passing on the discounts ? Who is accountable to ensure this happens? Is there a gov't body who should ensure private banks don't rip us off? APRA ? Representatives in Parliament ?

  6. Great work, Senator. It is an act of suppression that you only receive five minutes. 04:00 "no free lunch", I am sure ol' Phil is treated to plenty and lots of cozy speaking arrangements at dinners.
    06:50 "do you have a question?". I think a primary school child could spot the "why" in the Senator's previous statement. The Senator even begins with "The question is…" The Senator made very clear what this whole charade (if it was ever done properly) is meant to be about with his previous question regarding accountability and ol' Phil gave the response saying he is accountable at this circus at 01:29.
    Accountable doesn't mean showing up for a few free kicks and a photo op.

  7. Maybe the whole point of the $188B bank funding was to eventually make a metric shit-ton of money for someone when interest rates go through the roof?

    Realistically who thought interest rates would stay low 4eva? At some point they would rise and by alot with nearly 14 years of increasing the money supply (via multiple methods). Cui bono? Start with who benefits from lotsa debt and high interest rates and work back.

  8. Senator Rennick is all over bad actors calling out bad practices. He is tenacious, articulate and knows his stuff. If we had more politicians like him Australia would be in fine form!

  9. you aussies need to wake up , that showed why he gets the big wage , he needed a big wage , so he could slip some to the woman protecting him . he never did answer why he gives subs to privative banks , but not the govt , or the people

  10. Can anyone look at the question and answer sessions run by parliamentary committees around the world with anything other than frustration? They all contain very limited opportunities to raise and discuss important issues. The Committee chair almost always tries to restrain discussion especially when an interviewee shows any sign of discomfort. Direct questions are considered impolite. The clear intention is to follow the form of discussion without the reality of discussion.

  11. I fail to comprehend the statement that the RBA is a government agency/bank. If "WE" print money then how does it become a debt for the Government with interest? We go around in theis circle and everyone denies that the RBA is a private Central bank. And so a Private Central Bank prints money that the Government sorry the people are liable for. Which is it Private or Government?

  12. Is that what senator Rennick was trying to get an answer to…so you subsidise banks but you don't subsidise the taxpayer…why didn't he ask that first?
    Tommy?
    Miss Anja, why didn't he ask that first?
    Not sure Tommy, but he did mention the mandates…without being clear…and not the relevant one, 10.2c support the economic prosperity and welfare of the people of Australia.
    That would solve that economic problem…the falling incomes of the people (the actual supply side), Miss, but the prices charged by the "supply side" of the economy (the cost side…what we buy) would need to be regulated. Wages regulated, prices regulated, inflation gets to the target range quick smart.
    But the RBA does not interfere in the economy, Tommy. Just ignores it's mandates so that it can focus on just the wealth transfer from the poor to the wealthy.
    It's a central bank…isn't it, Miss? Not a commercial bank…independent…so it sees its primary purpose is ensuring the direction of wealth…I see what you are saying, Miss.

  13. He didn’t answer the real question…why did they back the. Commercial banks who effectively print up digits/currency into our economy at risk of the sovereign (because they loaned from the international short term markets) …countries do become violent when they don’t get their money back

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