Greens Treasury spokesperson, Senator Peter Whish-Wilson, and leader, Adam Bandt MP, called on the government to respond to today’s interest rate cut with stimulus spending, including for transformative infrastructure.
Senator Whish-Wilson said “this government must overcome seven years of surplus mania.
“We have the triple whammy of COVID-19, secular stagnation and a climate emergency, including recent bushfires.
“The government must use the latest record low interest rates and undertake stimulus spending.
“There’s no point achieving a surplus if the economy is on life support.
“I expect to see a conversion on the road to Damascus.
“Without government action the cheapest money ever will continue flow into ever higher house prices and other unproductive speculation.
Adam Bandt said the Greens have a plan to stave off a recession and transition to a clean energy future.
“We’re heading towards a cliff but Scott Morrison is refusing to grab the steering wheel.
“A looming recession means we need to stimulate the economy and there’s never been a cheaper time to do it.
“The Green New Deal means tackling the economic and inequality crises by lifting Newstart and Youth Allowance, increasing public sector wages by 4% and investing $6b to extend the electricity grid to Renewable Energy Zones.
“The only thing stopping the government from putting the economy back into gear is their own ‘surplus first’ rhetoric.
“Government needs to act now to stave off a recession or the public will never forgive them.