Former prime minister John Howard has slammed Jim Chalmers’ “clumsy attempt” to blame poor economic growth on the RBA’s rate hikes, arguing the remarks had a “tone of desperation”.
'Lost his grip': John Howard savages Jim Chalmers as Treasurer cops backlash for shifting blame on RBA ahead of GDP figures
Mr Chalmers has copped immense backlash from the opposition and media for his claim on Monday the RBA is"smashing the economy" with its rate rises, with shadow treasurer Angus Taylor on Tuesday accusing him ofWriting in The Australian on Wednesday, Mr Howard criticised Mr Chalmers’ claim the independent bank was responsible and argued it had only reacted to high inflation stemmed in part by government spending.
“It is well accepted economic belief that if government spending is too high, that exerts upward pressure on interest rates. There is little argument that the Albanese government has lost control of expenditure.”“They were the words of a treasurer who has lost his grip,” he said. He said while the relationship between a treasurer and the RBA governor is challenging, cooperation and mutual respect were essential.
Jim Chalmers hit back at the former prime minister, saying his stance was “not an objective view”. Picture: NewsWire / Martin Ollman.
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