STEPHEN JONES:
Great to be here. Well, this morning we're having the first cross sectoral meeting which involves banks, telecommunications companies, social media platforms and, of course, the regulator, to tackle the insidious problems of scams and consumer fraud. We know it's costing consumers and small businesses over $4 billion a year. This government is serious about cracking down on scammers and the criminals who are robbing households and innocent Australians of their hard-earned cash. So the challenge, setting up a national anti-scam centre, ensuring that we can act quickly and in real time when we see these frauds and scams out in the field, acting quickly to shut them down, to ensure the telecommunications companies, if they're getting the stuff coming through on their systems, can alert the banks. Social media platforms are pulling things down when we need to, to ensure that we're not spreading the information about these insidious scams. The objective: to ensure that Australians who are doing it tough aren't having criminals rob them of their livelihoods.
JOURNALIST:
The Reserve Bank has flagged more rate pain to come this year. Does the Australian public deserve to know why further rate rises are necessary? Would you like those kinds of answers from Phil Lowe today?
JONES:
Well, it's the Reserve Bank's job to explain monetary policy. It's the Australian government's job to ensure that our fiscal policy is working hand in hand with monetary policy. It's why we're putting such an emphasis on ensuring that we've got restraint in spending, that we are repairing the supply chain problems which are adding to inflation pressures, whether it's in the labour market, whether it's in supply chains for manufactured goods, the pandemic. The previous government's failure to address these problems means a lot of repair needs to be done. Our policies are directed at that and of course, our policy is directed at ensuring targeted relief, particularly in the area of energy prices, all working together with monetary policy to ensure that interest rate rises are no higher than they absolutely need to be. And there are early signs that things are starting to turn around.
JOURNALIST:
What answers would you like from Phil Lowe today?
JONES:
Well, it's not for me to give instructions to the independent Reserve Bank Governor. We have a system in Australia, and it works well. Where we have an independent Reserve Bank which is responsible for monetary policy. I'd expect that the Reserve Bank governor would be explaining their thinking that lies behind the decisions that they've made to date.
JOURNALIST:
Does it concern you that Phil Lowe briefed traders at a private lunch before hiking rates for the 9th time? Is that a conflict?
JONES:
I'll let Mr Lowe explain that. I'd expect that the Reserve Bank governor engages in a lot of outreach and consultation with the business community and others. Unless they're doing that, they don't have the information available to them to make wise and sound decisions. It's up to the Reserve Bank governor to explain each and every one of those ones. But as a broad principle, should the Reserve Bank governor be engaged in conversation with the finance sector? Of course they should.
JOURNALIST:
You've been quite critical of Phil Lowe and the rate rises. Have any colleagues raised concerns with you about how strong you've been?
JONES:
Every single member of the Albanese government is aligned in wanting to see that we have fiscal policy which is delivering a low inflation environment and that we ensure that households aren't paying a dollar more in their interest repayments than they absolutely have to. We are on the side of households and small businesses. We are unequivocally on the side of households and small businesses. Make no apology for that. The questions for those who might criticise me or others of my colleagues, what side are they on? Are they barracking for more interest rate rises? Is that seriously what they're doing? Because we're not.
JOURNALIST:
Does Phil Lowe have a picture of the RBA beyond September?
JONES:
These are decisions that will be made by the Prime Minister and the Treasurer. We've got a lot of work to be done between now and then. We want to ensure that Australians aren't making a dollar more in their mortgage repayments than they absolutely have to. Which means we've got to take on the challenge of inflation ensuring that fiscal and monetary policy are working hand in hand.