The Reserve Bank of Australia is a deeply unethical organisation that subjugates people to class warfare under the guise of economic stewardship. Vulnerable households are expected to absorb the damage, sacrifice their security and quietly accept that their suffering is necessary. We should be furious about that.
The RBA claims to battle unemployment and inflation, yet their approach relies on squeezing all household spending. Behind those macroeconomic figures are people losing customers, cutting essentials and wondering how much longer they can keep a roof over their heads. Calling this “reducing demand” does not erase the destruction of livelihoods. These are human beings, and their security deserves more consideration than whether their spending fits an economic forecast.
It only takes a quick search to see what is driving inflation to see it’s not high spending across the whole economy. CommBank’s June figures showed the strongest spending growth among people aged over 65. When the RBA puts the squeeze on, they have to disproportionately harm a lot of poorer and younger people just to nudge the behaviour of a few rich old people. That is a revolting and unacceptable moral trade-off.
This is especially heinous when the organisation’s leader received approximately $1.2 million in total remuneration in 2024–25. That level of income provides extraordinary protection from the hardship ordinary households face. It is infuriating to hear demands for restraint from people who can comfortably absorb costs that push others towards financial ruin. The people expected to sacrifice the most have every right to question the judgement of those demanding it.
I see the Reserve Bank of Australia as basically a predator that lashes out at the financially vulnerable, maintaining classism and further entrenching unequal distribution of wealth. Their limited policy toolkit is a valid reason to demand reform. It cannot keep serving as an excuse for inflicting hardship while governments evade responsibility for addressing the underlying problems, like their own spending.
We should stop accepting “that’s how economics works” as sufficient justification for making people’s lives worse. Every decision embodies choices about whose interests are protected, whose security is put at risk and how much suffering is considered acceptable. Those choices deserve fierce public scrutiny.
Financial stress, unemployment and housing insecurity are associated with increased suicide risk, and early preventable death. Many affected are younger and disadvantaged.
We have every right to be angry.
We should demand that the RBA and the government explain the alternatives, defend the broad harm and answer for the consequences. A publicly run organisation exists to serve the public. People’s livelihoods cannot keep being treated as expendable by an elite protected from the damage.
Links:
- Reserve Bank of Australia — Annual Report 2025 — Governor’s remuneration on page 149.
- CommBank — June 2026 household spending analysis — Spending growth across age groups.
- AIHW — Financial stress and mental health
- AIHW — Homelessness, housing instability and suicide
- AIHW — Psychosocial factors contribute to death