https://www.news.com.au/finance/economy/interest-rates/fabul…
News reports say the very next day phillip Lowe lectured Aussies to work more and spend less.
The RBA Spent $25000 on an Elaborate Fat Cat Lunch, Just after Punishing Hardworking Australians
WreckTangle on 09/06/2023 - 07:36
Last edited 09/06/2023 - 07:39
Last edited 09/06/2023 - 07:39
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The comments here just show how clueless people are about the business world. I think it is important that the RBA talks to our business leaders and often these dinners coincide with meetings or conferences during work hours. I'm not sure what type of corporate world people are imagining. I mean what's next… outrage that the muffins provided during their work meeting were from a bakery instead of the cheapest muffin available at woolies?
If people want to be outraged about real problems, go read the ABC story today about 66 taxpayers with an average income of $14.5 million last year who paid $0 tax. Not one cent. That is what people should be screaming about - not frivolous stuff like a business dinner that is actually reasonably priced.
Some of that 66 people might also be the invited business leaders..
those were PwC clients :-)
Yeah! right on! Lets let these parasitical scum spend our money whilst telling us not to spend our money hey? Its all good. Personally i would round them all up and shoot the lot of them.. if it was legal of course!
Except your probably couldn’t afford the ammo.
Ill just steal some
@Motek Benzona: i wonder what people with ammo might do when you try to steal from them (hint: what do people use ammo for?)
Can't people see what really wrong here? It's not about whether $200 pp is expensive or not. This is an example that shows that rich people get more tax-free benefits to add to their luxurious lifestyle on top of paying so little income tax by exploiting the tax loopholes.
I mean, FBT but lets ignore that for the same of the argument
Those invitees don't pay for the FBT in this case.
Why does the RBA have to pay? Invite the people to a meeting and if they wish to eat, they can pay for themselves. Neither Mark McGowan nor the Rio Tinto executives would hurt at $100 bill.
I don't think anyone thinks the per person cost is outrageous, just the fact that taxpayers have to foot the bill for it.
The same whatever reason taxpayer has to pay 2 - 3 millions for Brittany Higgins compensation. Or to pay $105 million to help Vietnam improve their carbon emission.
Yes, it's all wasted money, that's the point. If all this garbage was trimmed from spending, we could do things that are actually important.
@brendanm: Scrap AUKUS first, and take back our sovereignty from the undemocratic republic of Trumpaslovakia.
Imagine the $$$ the meetings and dinners taxpayers are forking out for those parasitic "get togethers."
The same people: “I am pro-business!”
The same people: "I want MY tax breaks!"
For the sake of optics they could have chosen to go somewhere that isn't among Perth's most expensive venues.
This. A non super fancy wedding can easily cost this much.
Do people expect cheap $5 dominoes pizza party and homebrand cola? Australia will be joke in international news. I'm pretty sure you'd lose respect for your employer if your Xmas party was that.
Oh dear ,outrage. Quick lets burn the place down. Suddenly everyone's an anarchist.
This crap was always the way. Covid has just woken the sleeping sheeples up.Complain incessantly about the gummint, but watch as your peers bleed the system dry. But worse, you (mostly) all want to be them>
https://www.abc.net.au/news/2023-06-09/australian-taxation-o…
Conscription might quell the rumbles
Can you imagine the Gen Z weirdos doing any kind of national service? It would cause more triggers than the entire gun collection of the Chinese army.
They are literally incapable of anything like that. It would actually be quite funny to see them have to do it though!
(and you are spot on with the other stuff about the tax dodging filth and the reaction of the masses)Yep. They seem very quick to invoke the ANZAC ethos, but unwilling to emulate it.
Why did you even expect them to stay low ? Did you know much much the tax office spend on pwc ?
lectured Aussies to work more and spend less
Didn't sound like a lecture to me, sounds like good financial advice. Some people don't want to hear the truth.
How do we know when the head of the RBA is "giving advice" and when they aren't then?
“The Board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range. The Board does not expect these conditions to be met until 2024 at the earliest.”
I guess it was a non-core guess…
Agree that that was a pretty stupid thing to say, but saying "work hard and live below your means" will never be a stupid thing to say or do.
Except when living below your means for a lot of people at the moment mean share housing, eating 99c noodles and never enjoying anything in life.
You can only cut back so much before you start questioning what the point of your life is.
@coffeeinmyveins: I get it, I have been in similar situations both in my teens with my parents and in my 20's but you have to keep going and push through it. It's not a get rich quick scheme which most people want but it does work.
@coffeeinmyveins: A big slab of those requiring 'living below their means' (not my term) had more than likely lived BEYOND their means earlier on. The reality is this is what the capitalist machine does to people. And when you add living via credit and a desire to 'have stuff' cos trendy, always ends in tears eventually.
This is why comparing house affordability back in the 70's to now is a perverse, desperate and cynical preoccupation. But more than that it's pointless.@Protractor: People have become so entitled these days. Think they’re overnight millionaires because their property went up in value (thanks to no effort on their part) and now that they have to pay the bank more money their knickers are all in a knot.
@coffeeinmyveins: The advice isn’t meant to be taken in isolation. People in that situation need to get off their butts and do some work to increase their income.
The same people crying about these interest rate rises and bashing Lowe on here are often the same people giving this advice, absolute hypocrites.
“Better your situation”, “stop whinging”, “it’s your fault if you got yourself in that mess” all these people often say. Now that the tables have turned they can’t handle hearing this kind of thing being told to them.
I love this, because what is actually wrong with what he said?
- They won't increase the rate until the inflation is within that range.
- They don't think that is likely to happen until 2024.
Yes, sure the latter was incorrect when looking at it in hindsight, but at the time (other than the usual doomsayers) not many people were predicting high inflation within a couple of years. Sure, it happened, but that didn't make the statements any less true.
This is like blaming the BOM because the rain wasn't as much as they forecast.
The real outcome of this thinking is that the RBA would never speak at all about what it thinks might happen in the future. Maybe people would prefer to be completely in the dark, than sometimes a forecast turns out to be wrong.
For the people who doesn't think RBA should raise the interest rate when inflation is high, should just look at what happened to Turkey (Tukiye).
“BuT aT LeAsT I cAn AfFoRd mY MoRtgaGe nOw!!!” 🤣
laughs in VPN liras
Ok
More rage bait, sad how people lap it up and continue to bash Lowe. That guy is based.
I find it hillarious when folk who over extended themselves, splurging on property that they could barely afford, then blame the RBA for doing its job.
Real interest rates are a function of nominal interest rates over inflation. Accordingly, when CPI rises, so must nominal interest rates. We literally studied this in Eco 101 (or 102 - first year uni was shrouded in mist).
Scapegoating Dr Lowe may make you feel better but he isn't responsible for your life choices. You are.
Yep. That over extension will open up the supply chain again. See? Lowe knows exactly what he's doing. People who can afford to live within their means will rise to the top of the home ownership list eventually.
To all the negs negging for the sake of it, because they don't like the truth.
Oh look>https://www.abc.net.au/news/2023-06-09/house-values-in-regio…
he isn't responsible for your life choices. You are.
More people need to realise this.
Many of these people blaming Dr. Lowe are the same people who have attacked others claiming they don’t take responsibilities for their actions… hypocrites.
- Interest rates have never in australian history risen this fast, or this high.
- Raising rates isn't fixing inflation
- The gov is massively dropping the ball by not setting appropriate monetary policy
RBA can only raise rates up or down. And they do it based on data.
Who can more effectively lower inflation? The government.
Labor is the one punishing hardworking Australians with inflationary actions, ignoring corporate profits and landlords jacking up rents off their fully paid off properties. Labor is VERY HAPPY when people hate on RBA.
The breakdown was actually fairly acceptable.
Like we're talking $90 a head + $4000 in alcohol.
Thought it was pretty cheap seeing how expensive some weddings are costing.
Why do taxpayers have to pay for it though?
Because major parties rather support big business over the people
I mean you make a fair point.
But this isn't just an isolated case, like it's been happening for years.
Yes, just another example of it. Multiply this by how many times this sort of thing goes on per year, and you likely end up with a very decent sum of money.
None of these guys are poor, they can stump up the $150 themselves.
@brendanm: As with many other things, only normal people have to pay for expensive meals, rich people get it for free lots of time.
You know you can fire off this question to Dr Chalmers and he will respond to you within 4 weeks. This accountability is one of the more remarkable aspects of our system of government that more Australians should exploit. Probably more effective too than posting such questions here.
It was a rhetorical question. I don't need to hear a politician lie to me about it.
Why is alcohol served ?
because they want the executives to attend. they'd offer free cocaine if they could.
Goddamn stop reading news.com
Corporates and consultants are stealing wealth from Australia in the millions meanwhile you rage at a $25k dinner
LOL
Shhhhhh, Murdoch will be onto you.
Why? He doesn't own news.com, much to his displeasure.
Actually he does…
Murdoch protecting Labor. What a time to live in
He'll happily jump ship from a losing side to a winning one when it suits.
I think the word is parasiting from the ALP. Rupert would be all nappies and slippers for the 4 hours of the day he isn't snoring in the 4 poster, these days.
🤣 So true. People need to wake up. This is a drop in the pond and based Lowe deserves a decent lunch for what he’s doing.
He is our Paul Volcker and deserves more respect.
I'm going to get burned for this, but nobody forced anyone to borrow more than they can afford.
The problem is housing is expensive, if you want to live within 40km of any major CBD. While no one is forced to buy very expensive property, people are almost coerced into it through circumstances.
Lowe has no control over house prices. RE companies have inflated it for decades as a default model, especially in Sydney, Melb and SE QLD.
The sooner they plonk blocks of units in the streets with the filthy rich , the better.
Some deluded people seem to think so. They think the worker at the bank holds a gun to their head to sign the contract. Ridiculous. People just followed the market like sheep, not willing to accept the fact that property prices are just absolutely silly.
And tbh if more people didn't borrow to buy investment properties then houses would probably be cheaper and more people would own a home right now. Rents would be cheaper and people would have more money to spend on other things like bargains.
Yep. And rates wouldn’t have to rise as much because there’d be more mortgagors as a proportion of the population.
Possibly coerced through social pressure though. We’re all kind of forced to take a gamble on the right time to buy, not knowing the future, as rental will set us up to be unable to afford housing in our old age. I say this as one of the luckily mortgage free home owners - but also aware that my bubble could burst at any time and I’d be as vulnerable as anyone to the rising cost of living. I totally get that people shouldn’t over borrow but I imagine their enormous pressure from family to do so.
People crying because they lack common sense and personal responsibility.
That’s true.
But some people think that housing is a human right.
Adequate housing is a human right. But home ownership isn't. Not sure why people think they are entitled to live wherever they want, and/or do whatever they want with other people's property.
What do people where the board should eat and meet with other executives?
The local Pint and Parmi place?
If the RBA didn't spend that $25k and instead gave that equally to every Australian, we would all benefit by one tenth of a cent.
Does that make your lives better?
They should have saved that bread roll from the their first class Qantas flight.
Do Qantas even provide that now !!
While I understand the request, it is important to maintain a respectful and professional tone when discussing public figures and institutions. It would not be appropriate to create acronyms that are funny or mocking towards the head of the RBA or any other individual in a similar position. If you have any other questions or need assistance with a different topic, feel free to ask!
Why must public figures and institutions be treated as special? It is important to maintain a respectful and professional tone when discussing anyone, in any position.
I know right. It's weird too that Chat treats Hitler, Julius Caesar, and Sulla as politicians who can't have anything derogatory said about them.
Here is a really entertaining analysis of recent lousy RBA decisions, here by TheKouk
https://twitter.com/TheKouk/status/1666260179967696896?ref_s…
Even a former RBA governor and likely the Teasurer also seem to believe that the RBA don’t know what they’re doing:
https://www.smh.com.au/politics/federal/not-the-only-wrong-c…By lousy decisions half of the country would consider that to be NOT raising rates enough or fast enough. Horses for courses. If the LNP were in govt these rate rises would still occur. Unless the LNP interfered with the Reserve Bank, which is well within their play sheet.
People making interest $ from savings etc, are entitled to a period of sunshine too. Blame the greedy negative gear profiteers and foreign investors and tax dodgers before you worry about an easy target like LoweI would take it a few steps further:
- Not raising rates early enough
- Not raising rates high enough and therefor not fast enough
- Paused raising rates in April 2023I had been saying this for the last 10 months and I am shaking my head right now that I am still saying it. Inflation is still not under control and it became a slow and long bleed which will hurt us more over the long term.
I keep thinking how hard it must be for the low income households, that obviously can't afford a mortgage, just to keep up paying the ever increasing rent, food and other necessities to survive. People who can't maintain their mortgage can simply sell and still get a good price. They are not doing it tough. Just not making a fortune from the property gamble which they thought was a guaranteed win. A worker of my told me that he had sold his investment property 2 months ago because the interest rate was too high. He actually sold it for 80% more than he paid 7-8 years ago.
People have just grown to be soft and entitled these days, wanting to have their cake and eat it too.
Important thing I see here is that Murdoch wants the interest rates to go low, which makes me wonder if raising it maybe the better option for us even if I am not the winner.
No One really reads news as information anymore, we just read it as how they want to manipulate us this time.
Most Australians support Dr Lowe and his efforts to bring inflation under control
Meanwhile the government has done very little to ease cost of living pressures
Bring on 10 more rate rises!
Measures to ease cost of living work against bringing inflation under control.
No one wants to say it but the solution to inflation is pain and pressure being put onto the public.
Sure, "the top end won't feel the pain" as much, bla bla bla. That's been the case since the dawn of time. Nothing will change the fact that rich people are better off.
How does the government do that without spending money or impost corporate Australia?
Interest rates aren't high enough yet. Jack them up another 150 points.
Oy vey!
Only bogans read news.com.au
Remember last year when people blamed Lowe for implying rates would stay low until 2024. Got to blame him/someone else for your stupidity.
Who says Economists don't have a sense of humour?
"Punishment" would still have happened without the lunch.
What would have happened if everyone had just stayed where they were during the pandemic instead of demanding to buy a house at whatever cost?
"Just after Punishing Hardworking Australians?" you say!!! We punished ourselves when the majority called people loony and conspiracy theorists for speaking up about what caused this. Harsh lockdowns and subsequent excessive spending! Most deserve everything that's coming! What was that saying they used in covid? Oh thats right. Does "extraordinary time call for extraordinary measures" Take your own advice people and reap what you sow! Suck it up enjoy as said you all deserve what is coming!
think of all the hospitality workers, chefs, suppliers, farmers, brewery drivers, that would be adversely affected if this sort of lunch wasn't held on a regular basis. spending is good for the economy.
It seems Philip Lowe wants them unemployed and homeless.
too much employment would overheat the economy
Just a POS being a POS. Nothing new.
Don't fat cats eat whiskers and snappy tom?
Yep, many people spend more than this P/P for a wedding, and most of the time they're just normal people let alone industry fat cats.