Greens Demand RBA Interest Rate Cut

The Greens party in Australia is demanding that the government compel the Reserve Bank of Australia (RBA) to cut interest rates, stating they will not support proposed reforms until this happens. Finance Minister Katy Gallagher has criticized the Greens' approach as 'economically irresponsible' and accused them of seeking a populist agenda. Treasurer Jim Chalmers is under pressure to utilize his powers to enforce a rate cut, although the RBA is expected to maintain its current rate of 4.35% during its upcoming meeting. The Greens' stance reflects growing frustration among mortgage holders facing high interest rates, with their economic spokesperson, Nick McKim, asserting that the government should intervene if the RBA does not act. The proposed reforms to the RBA, which include establishing a separate governance board, are currently stalled due to this political deadlock. Gallagher's comments emphasize the tension between the government and the Greens, as they seek to navigate the implications of potential RBA changes amidst ongoing inflation concerns.