Greens Treasury spokesperson, Senator Nick McKim, has responded to today’s decision by the RBA to increase interest rates.

“The RBA is smashing workers, renters and recent homebuyers to try to bring down inflation that is being driven by supply shocks and corporate profiteering.

“We are hearing plenty from the government and the RBA about supply pressures.

“What we aren’t hearing from the government or the RBA is about the role of corporate profiteering.

Greens Treasury spokesperson, Senator Nick McKim, has responded to the news of steep falls in house prices ahead of tomorrow’s RBA meeting.

“The RBA needs to hit pause."

“Inflation is being driven by supply side shocks and corporate profiteering.

“Jacking up interest rates will not fix these problems.

“The RBA needs to be honest about this with the Australian public.

“Monetary policy cannot curb inflation without punishing workers, renters and new homeowners, none of whom are the cause of the problem.

“They should not increase rates tomorrow.

Greens Treasury spokesperson, Senator Nick McKim, has responded to the Treasurer's Ministerial Statement on the Economy.

“The Treasurer has just told Australians to brace for higher unemployment and further real wage cuts because interest rates are going to go up.

“But the Treasurer said nothing about what big corporations should brace for.

“The share of national income going to corporate profits are at record highs, and the share of national income going to wages are at record lows.

“Corporate profiteering is fuelling inflation, not wages.

Greens Treasury spokesperson, Senator Nick McKim, has responded to the release of today’s inflation figures.

“The government should introduce a corporate super profits tax to help ease cost of living pressures, including by fixing up the Petroleum Resource Rent Tax (PRRT).

“And they should use the additional revenue to provide cost of living support, such as by putting dental into Medicare and making childcare free.”

“COVID disruption and energy price hikes are driving inflation globally.

“But inflation is also being driven by corporate profiteering.