The gall of Treasurer Jim Chalmers is unbelievable.
Following the Reserve Bank of Australia’s (RBA) decision to cut the official cash rate on Tuesday, Chalmers gave a “blunt” warning to landlords to pass the mortgage interest savings onto tenants.
“When interest rates are cut, that has a broader impact than just people with a mortgage”, Chalmers told ABC Radio National on Wednesday morning.
“We want to make sure that landlords take this into consideration as well. Renters are doing it tough as well”.
Why are Australian renters doing it so tough? Is it because the Albanese government recklessly chose to import a record one million renters into Australia in its first two years?
The impact on Australia’s rental market has been brutal, with vacancy rates plunging to record lows.
As a result, asking rents skyrocketed.
The percentage of household income spent on rents also soared to a record high.
As noted by Tarric Brooker above, the Albanese government’s record migration surge has “handed landlords years of leverage for huge rent increases”.
