Australians are bracing for another interest rate rise because Labor has turbo-charged the housing crisis and refused to tackle corporate price gouging, the Greens say.
With the RBA likely to raise rates this week, the Greens argue that millions of people will face an interest rate rise because the government has not tackled two major causes of inflation, spiraling housing costs and corporate profiteering.
Sen. Larissa Waters, Leader of the Australian Greens said:
"If you're a mortgage holder or a renter, you face being hit by the RBA to "fix" the government's "inflation problem".
"Anyone with a mortgage will be giving more per month to the big banks. Renters are going to cop it as it will trickle down into unfair rent rises. That leaves you with less money to spend on food, or the things you enjoy.
"It's hard enough right now to get ahead, you shouldn't be doing it harder. It shouldn't be on you.
"This is about choices. The government's priorities mean that you are copping the pain while banks, energy companies and property investors keep winning.
"If they'd taken them on, you wouldn't be getting a rate rise."
Sen. Nick McKim, Greens Economic Justice spokesperson said:
"Labor has chosen to leave inflation to the Reserve Bank instead of tackling some of the causes of rising prices - skyrocketing housing costs and corporate price gouging.
"If the Reserve Bank increases interest rates the Treasurer will wring his hands and pretend he shares peoples' pain when in reality he is responsible for increasing pressure on the RBA to raise.
"If you have a mortgage you are going to feel the pain, while the big banks keep winning. If you're renting, higher interest rates will flow straight into rent increases.
"Labor pretends this is out of their control. It isn't. This is about political choices, and Labor has chosen to protect corporate profits while ordinary people wear the pain.
"Big corporations are driving up prices and making massive profits, and Labor refuses to make price gouging illegal across the economy.
"At the same time, Labor is handing out around $180 billion in investor tax breaks that push up house prices and rents.
"The big winners from rising interest rates are the big banks, which already make around $200,000 in profit on the average mortgage.
"Energy giants like AGL and Origin are also cashing in, with around a third of people's power bills going straight to profit.
"We need to make corporate price gouging illegal, and we need to end tax breaks that help wealthy investors hoard housing.
"People deserve a government that fights for them, not one that leaves inflation to the RBA while protecting big banks and corporations."
Sen. Barbara Pocock, Greens Finance, Housing and Homelessness spokesperson said:
"In the midst of a housing crisis, families across Australia are holding their breath in anticipation of another interest rate rise. Millions of people are already in mortgage stress, already hurting in a cost of living crisis.
"Australia's inflation problem is being driven largely by rising house prices, caused by Labor's failed housing policies.
"$181 billion worth of investor tax handouts are driving up the cost of housing. Investor lending is running hot and now economy wide inflation is in resurgence.
"Labor's 5% deposit scheme, combined with their massive subsidies for property investors are spiking housing costs, which is the biggest driver of inflation.
"It's clear that Labor cares more about investors with dozens of properties than it does about renters, first home buyers and homeless people.
'The Albanese government must urgently slow housing inflation. Labor needs to stop treating housing like a game of monopoly. It needs to scrap the tax breaks for wealthy property investors and directly build social and affordable houses."
