OK boomer: RBA’s rate hikes risk intergenerational conflict
It was inevitable the Reserve Bank’s new governor Michele Bullock and cashed up baby boomer memes would meet IRL. But that didn’t make it any less cringe when it finally happened on Tuesday.
If memes are any guide to what people believe is going on in the economy, clearly there's a perception that older Australians are living it up while renters and mortgage holders grapple with the cost of living crisis.
So when the audience got the chance to pose questions to Michele Bullock at the ASIC Annual Forum 2023 panel this morning, it was not surprising they wanted to hear what the Reserve Bank governor had to say about interest rates and... boomers.
One questioner noted the standard of living for most people “except baby boomers” has been slipping. Another specifically queried whether monetary policy was even working anymore when older people are less affected by rising interest rates designed to rein in spending.
Bullock rebuffed suggestions that interest rates aren't effective. “Monetary policy has a useful role to play,” she said.
