We, as Australians, are asked to put our trust in the independence of our central bank. However, the Reserve Bank of Australia is not a politically impartial body. For decades, the RBA has funded right wing think tanks, which have been dedicated to neoliberalism and promoting anti-unionism downunder.
“In a recent explosive committee hearing, the Reserve Bank of Australia revealed it’s been paying $20,000 a year to the Centre for Independent Studies and The Sydney Institute since 2006.1
Both think tanks are key players in the right-wing fringe – endorsing policies like deregulating Medicare,2 promoting demagogues like Miranda Devine3 and Donald Trump,4 and doubting the link between climate change and the devastating bushfires last year.5”
- (https://www.getup.org.au/campaigns/economic-fairness-30a37751-ec16-4026-a076-e283f3b4092f/reserve-bank-think-tanks/no-public-funds-for-right-wing-think-tanks)
- https://www.smh.com.au/politics/federal/rba-paying-20-000-a-year-to-sydney-institute-centre-for-independent-studies-20201229-p56qnh.html
Australia has been run by right wing governments and institutions for much of the last 30 years. The more recent Albanes Labor federal government has inherited a neoliberal system down to its bootstraps. Is it any wonder that the gulf between rich and poor has widened so considerably downunder. The raising of interest rates by the RBA to fight off high inflation only enriches one section of the population – the wealthy.
“Inequality in Australia is growing and is driven by the rapid accumulation of wealth by the very wealthy.
The wealth of Australia’s richest 200 people nearly tripled over the last two decades. In 2020-21, capital gains exceeded all other types of income combined. Tax reform is needed to address this problem.”
How Can Australia Trust The RBA If It Is Not Truly Independent?
The Reserve Bank of Australia is not a politically impartial body. Bankers are in bed with the big end of town. They share the view that wealth should be protected and not taxed progressively. This is why we have seen a raft of regressive taxes replacing the progressive taxation ethos for which Australia once stood. This has occurred via the influence of right wing think tanks promoting American style ideas about how to do business and who wins and loses economically. Neoliberalism and anti-unionism have been features of the last 30 years downunder. Unions are about the public good, a collective way of looking at things. As union power diminished in Australia, we have seen the rise of billionaires and oligarchs. American greed which avoids paying its fair share of tax on its wealth.
The RBA Funded Right Wing Think Tanks For Decades
It is pretty bloody obvious whose side the supposedly central bank is on. This independent body is not a politically impartial institution. They have been batting for neoliberalism and against unionism downunder for decades. Thus, where we find ourselves today is in a mess of an extreme housing crisis for the working poor. The RBA has not looked out for Australian workers but put all their eggs in the basket of the wealthy and the big end of town. The thing is the Australian economy should not only be adjudged on how it is doing for the wealthy. The economy is for everyone and it should be measured accordingly. The RBA has failed the working poor of Australia. The Reserve Bank of Australia is not a politically impartial body.
Do Aussies Share The Values Of Trump’s America?
“Do we, as Aussies, reckon it’s OK to invade another sovereign nation and pirate their resources? Is that an Australian value? PM Anthony Albanese and his Cabinet are going to have to ask themselves this question. The Anglo-sons and daughters are quick to question China’s need to arm itself over recent years. Well, they have their answer in what has just occurred in Venezuela. The United States, under the Trump regime, will take what they like with no respect of the international rule of law. Does Australia share values with Trump’s America? This brings AUKUS into the harsh light of reality in 2026.”
- (https://www.golfdom.com.au/does-australia-share-values-with-trumps-america/)
Robert Sudha Hamilton is the author of What Price Life?; America Matters: Pre-apocalyptic Posts & Essays in the Shadow of Trump; and other titles. NOW AVAILABLE AT APPLE BOOKS & GOOGLE PLAY BOOKS. Google Play Books AUDIOBOOK
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