EDITORIAL: Rates denial puts peak Albanese on show
EDITORIAL: Anthony Albanese’s refusal to acknowledge that the finger of blame on rates points his way takes the cake.
Did we just hit peak Albo?
We didn’t think Anthony Albanese’s refusal to take responsibility could get any more blatant. We were wrong.
There you go Albo. We know you struggle with the word, but it’s really not that hard to say.
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By continuing you agree to our Terms and Privacy Policy.The peak Albo pointer came after the Reserve Bank of Australia hiked interest rates for the fifth time this year to 4.85 per cent, the highest level since 2008.
Unlike Treasurer Jim Chalmers, who was in Australia to face the fallout on Tuesday, the Prime Minister was in the Caribbean for the Commonwealth Heads of Government Meeting.
Mr Albanese sees himself these days as less the boy from Camperdown and more the Global Citizen.
So he was of course all about talking up his CHOGM trip when he spoke to journalists.
And we know he has an irrational — or tactical? — aversion to answering questions about domestic matters when overseas, but there was only one issue that really mattered to Australians so naturally he was asked about the latest rates slug.
For context, let’s recall that RBA governor Michele Bullock went out of her way at her media conference on Tuesday to make sure we understood that it was folly to just blame rising oil prices from the war in the Middle East for the inflation monster the bank was fighting with higher interest rates.
Ms Bullock: “I want to be very clear that we are not tightening monetary policy because of the direct impact of oil prices on inflation”.
“Rather, the tightening in monetary policy is to address domestic capacity pressures.
“These were evident before the rise in oil prices, which is why the Board started to increase the cash rate in February this year, prior to the start of the conflict in the Middle East.”
No ambiguity there from the leader of the nation’s central bank.
Over at CHOGM, this exchange took place.
Journalist to Mr Albanese: “Michele Bullock made clear yesterday she was not raising interest rates because of the international oil price, but because of domestic issues. Have you been making too much of the impact of international conflicts on the pressures Australians are feeling, and do you accept that your policies have contributed to this rate rise?
The key here was the first word he uttered in response: “No”.
Mr Albanese then argued Ms Bullock regularly spoke about international pressures as well as domestic demand.
Undeterred, the journalist pointed out Ms Bullock’s very direct comment, which all but aimed some rates blame in the Government’s direction.
Mr Albanese brushed aside the point, and added for good measure that anyway he hadn’t seen the governor’s press conference. OK that’s possible. It was past midnight in the Caribbean. But to think he was not brought up to speed later before facing questions? Oh please!
The exchange was short. But in Mr Albanese’s amazing ability to just ignore the obvious, he again drew attention to his character.
Right is left. Black is white. I didn’t do it. It didn’t happen. This is an award-winning stubborn streak.
And Australians are out of patience.
