Australian comedian Luke McGregor has publicly criticized the Reserve Bank of Australia and Governor Michele Bullock over interest rate hikes and comments regarding the labor market. In a viral clip, the comedian took aim at the central bank’s monetary policy.
The Bottom Line
- Comedian Luke McGregor criticized the Reserve Bank of Australia in a viral clip over recent interest rate increases.
- The backlash followed statements from RBA Governor Michele Bullock regarding the target unemployment rate needed to curb inflation.
- The central bank lifted the official cash rate by 25 basis points to 4.6 per cent, with further financial pressures anticipated by analysts.
The Comedian Enters the Economic Fray
Luke McGregor has become the newest Aussie funny man to get involved in politics, stepping aside for Hughesy while heavily criticizing the Reserve Bank of Australia for raising interest rates. In a viral clip this week, Mr McGregor criticized RBA Governor Michele Bullock for calling the labour market “tight” and suggesting that unemployment may need to rise to tame inflation.
During a corporate gathering last month, Ms Bullock mentioned that an unemployment rate of 4.5 to 5 per cent would likely cool the job market sufficiently to reduce inflationary pressures. Those remarks preceded the RBA’s decision to lift the official cash rate by 25 basis points to 4.6 per cent on Tuesday.
Mortgage Holders Face Further Pressure
Following the central bank’s policy shift, financial analysts at ANZ tipped further pain for mortgage holders when the board meets again in November. Mr McGregor, who has starred in several ABC shows and holds a degree in economics, took direct exception to both the rate rise and Ms Bullock’s assessment of the labour market.
Responding to the central bank’s strategy in the viral video, Mr McGregor said: “Ok great, so we just need more people to be unemployed — shotgun not!”
| Event / Metric | Details |
|---|---|
| Official Cash Rate Adjustment | Raised by 25 basis points to 4.6 per cent |
| Target Unemployment Rate Cited | 4.5 to 5 per cent |
| Upcoming RBA Board Meeting | Scheduled for November, with further rate pain tipped by ANZ |
