Cost of living at crisis point - we need the 'Sovereign Seven' - Senate Speech 06.03.23

Yesterday the RBA continued its madness by raising interest rates for the tenth time to 3.6% in less than a year. It’s worth nothing it took the RBA ten years to drop interest rates from 3.6% to 0.1%.

Yesterday I spoke about the stupidity of the RBA and their inability to manage the economy without destroying it.

Inflation is caused by either too much demand or not enough supply. Most of the inflation today is caused by a lack of productivity in the country resulting in supply shortages.

By that, I mean we don't have enough infrastructure to supply essential services such as energy, water and transportation. If we built more baseload power stations, dams, roads and rail we could produce more goods and services at a lower cost. This will make business more competitive and lower the cost of living.

Rather than manipulate the price of money which will only help speculators and banks, the RBA should fund a Sovereign bank to fund the Sovereign seven Infrastructure assets - Dams, Power Stations, Roads, Rail, Ports, Airports and Telecommunications - to underpin Australia's sovereignty.

This would deal with inflation in a productive way that creates jobs and provides essential services, rather than the destructive way the RBA is following of austerity which will cause massive unemployment and homelessness.

We also need stop over allocating resources to non-productive roles like poker machines, superannuation and useless university degrees. How ironic is it that Australia has never had more people completing University degrees, yet skill shortages are worse than ever!

If the Greens want to lower inflation they should support lower immigration in regards to foreign students who add to demand but don't add to supply.

Australia was built on the back of immigration but in the past they added to supply by building infrastructure projects like the Snowy Hydro.