
Ex-premier roasted over RBA take
Queensland Labor leader Steven Miles sparked a heated reaction on social media after expressing support for the Reserve Bank of Australia's recent decision to cut interest rates.
On Tuesday, the RBA lowered the cash rate by 25 basis points to 3.85 per cent – the second cut this year.
Miles welcomed the move on platforms like X (formerly Twitter) and said he was 'pleased to hear' the RBA chose to cut interest rates.
'But I'd now like to see the major banks pass this cut of 25 basis points onto borrowers,' Mr Miles wrote.
'Queenslanders are still struggling with the cost of living. And this cut will help out Queensland families.'
However, he was quickly met with a wave of negative comments on X, with some users blaming him and his party for the previously high interest rates and accusing Labor of economic mismanagement.
Several also pointed out that the banks moved swiftly to pass on the rate cuts to borrowers.
'They did 1 min after the RBA cut. Stop paying silly political games. That and poor economic management was why you were annihilated at the last election,' one user responded. Queensland Labor Leader Steven Miles praised the Reserve Bank's rate cut but faced swift social media backlash blaming his party for high rates. NewsWire/Tertius Pickard Credit: News Corp Australia
Other comments included accusations like, 'The crisis that you personally created,' and 'You morons caused these interest rate rises.'
Another user wrote, 'Struggling because of inept governments like yours.'
However, Facebook users expressed more supportive views, with Tricia Cronan commenting, 'Labor, making Australia great,' and Kimberly Clark adding, 'Yessss its good news.'
The major banks confirmed they would pass on Tuesday's rate cut in full to customers with variable rate home loans.
NAB was the first to announce the change, cutting its standard variable rate by 0.25 per cent effective May 30, followed closely by ANZ, Westpac, and the Commonwealth Bank of Australia (CBA). Canstar Data Insights director Sally Tindall said she doesn't 'see a world' where the banks wouldn't pass on the cut. supplied. NSW real estate Credit: News Corp Australia
CBA Executive Angus Sullivan said the cut would provide 'much needed additional relief' for homeowners.
'When combined with the February rate cut this change should free up some more cash flow for homeowners who need it,' he said.
'We know many have had tighter budgets in recent months and will welcome that additional flexibility.'
Financial experts note that while banks generally pass on rate cuts during such economic conditions, they are not legally required to do so and may weigh various business factors when setting their rates.
Canstar director of data insights Sally Tindall said in the current climate, she doesn't 'see a world' where the banks wouldn't pass on the cut.
'The banks know better than anyone just how difficult it has been for some of their customers,' Ms Tindall said.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


West Australian
39 minutes ago
- West Australian
'Partial tick': coalition cautious on PM's summit idea
The federal opposition has given the government a partial tick over its upcoming productivity summit, saying that at least Labor recognises there is a problem. Prime Minister Anthony Albanese announced the plan on Tuesday, saying the gathering of business, union and other leaders in Canberra in August would focus on ways to lift economic output. "A round table. Yay!" shadow treasurer Ted O'Brien joked during an interview on Nine's Today program on Wednesday. "But look ... to be fair, at least they're recognising the problem ... so let's take that as a partial tick." Experts are concerned about Australia's lagging rate of productivity - a key economic measure of efficiency and long-term driver of improved living standards. Despite criticism that previous federal government economic summits were too slanted, Mr Albanese said this roundtable would be broad-based. He called for a mature discussion from all parties, noting it was in everyone's interest for productivity to improve. "We're a Labor government, we support unions existing ... but we will always respect both the role of business and the role of unions," he told the National Press Club on Tuesday. "There are common interests ... you don't get union members unless you've got successful employers. "It's the private sector that drives an economy. What the public sector should do is facilitate private sector activity and private sector investment." The Productivity Commissioner's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. The Business Council of Australia says productivity growth over the past decade has been the lowest in 60 years. Council chief executive Bran Black welcomed the roundtable, saying "lifting business investment is essential to boosting productivity, lifting real wages, creating jobs and ensuring more opportunity for more Australians". "We will continue to be very clear about policies that the business community believes will be counterproductive to improving productivity," he said. Mr Albanese said he wanted a boost to productivity, alongside other economic indicators as part of his second-term agenda. "We want to build an economy where growth, wages and productivity rise together," he said. ACTU secretary Sally McManus said working Australians must be at the centre of the roundtable. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. Australian Chamber of Commerce and Industry chief executive Andrew McKellar said boosting productivity was essential for economic growth. "The business community looks forward to participating in the summit and contributing constructive and sensible ideas to address the problem," he said. Meanwhile, the World Bank has slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3 per cent. The downgrade was driven by higher US tariffs on foreign imports and heightened uncertainty posed a "significant headwind" for nearly all economies. The World Bank is the latest body to cut its growth forecast as a result of President Donald Trump's erratic trade policies. But it stopped short of forecasting a recession, despite predicting global economic growth this year would be the weakest outside of a recession since 2008. with Reuters


Perth Now
41 minutes ago
- Perth Now
'Partial tick': coalition cautious on PM's summit idea
The federal opposition has given the government a partial tick over its upcoming productivity summit, saying that at least Labor recognises there is a problem. Prime Minister Anthony Albanese announced the plan on Tuesday, saying the gathering of business, union and other leaders in Canberra in August would focus on ways to lift economic output. "A round table. Yay!" shadow treasurer Ted O'Brien joked during an interview on Nine's Today program on Wednesday. "But look ... to be fair, at least they're recognising the problem ... so let's take that as a partial tick." Experts are concerned about Australia's lagging rate of productivity - a key economic measure of efficiency and long-term driver of improved living standards. Despite criticism that previous federal government economic summits were too slanted, Mr Albanese said this roundtable would be broad-based. He called for a mature discussion from all parties, noting it was in everyone's interest for productivity to improve. "We're a Labor government, we support unions existing ... but we will always respect both the role of business and the role of unions," he told the National Press Club on Tuesday. "There are common interests ... you don't get union members unless you've got successful employers. "It's the private sector that drives an economy. What the public sector should do is facilitate private sector activity and private sector investment." The Productivity Commissioner's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. The Business Council of Australia says productivity growth over the past decade has been the lowest in 60 years. Council chief executive Bran Black welcomed the roundtable, saying "lifting business investment is essential to boosting productivity, lifting real wages, creating jobs and ensuring more opportunity for more Australians". "We will continue to be very clear about policies that the business community believes will be counterproductive to improving productivity," he said. Mr Albanese said he wanted a boost to productivity, alongside other economic indicators as part of his second-term agenda. "We want to build an economy where growth, wages and productivity rise together," he said. ACTU secretary Sally McManus said working Australians must be at the centre of the roundtable. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. Australian Chamber of Commerce and Industry chief executive Andrew McKellar said boosting productivity was essential for economic growth. "The business community looks forward to participating in the summit and contributing constructive and sensible ideas to address the problem," he said. Meanwhile, the World Bank has slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3 per cent. The downgrade was driven by higher US tariffs on foreign imports and heightened uncertainty posed a "significant headwind" for nearly all economies. The World Bank is the latest body to cut its growth forecast as a result of President Donald Trump's erratic trade policies. But it stopped short of forecasting a recession, despite predicting global economic growth this year would be the weakest outside of a recession since 2008. with Reuters

Sky News AU
2 hours ago
- Sky News AU
Labor's super tax at risk of manipulation
Experts have warned Labor's proposed superannuation tax is open to manipulation. The Albanese government is pushing for superannuation accounts of three million dollars or more to be taxed. One of Australia's biggest auditors, ASF Audits, is concerned about the manipulation of property and farm valuations. The company's head of technical says wealthy Australians could avoid taxation by revaluing assets.