Out of touch RBA boss thinks you’re doing just fine

Reserve Bank of Australia boss Michele Bullock reckons Australians are doing just fine.

Sure, she can’t get inflation under control, rents are spiralling and she is overseeing massive rapid-fire hikes on your home loan interest rate.

But other than that…

In a speech delivered in Hong Kong, Bullock said complaints about her interest rate hikes were just “a lot of noise from the general public”.

She reckons Australian households “are actually in a pretty good position”.

People are feeling “a little bit more wealthy” because house prices are rising. Does that matter if you can’t afford your own home? Does that make anyone feel better when they’re paying the bank tens of thousands more in interest every year?

According to Bullock, the banks have said that Aussies on fixed-rate mortgages who are going over the cliff onto massively bigger variable rate mortgages are “doing fine”.

And don’t stress – big business is still going well. Why? Because “we’ve had very strong immigration in Australia … and, even though we see consumption per person declining, total consumption has held up.”

You’re spending less because you’re poorer, but that’s ok – because immigration means there’s more people spending less. For real.

In June she said unemployment was too low.

Don’t forget, Bullock was hand-picked by Labor Prime Minister Anthony Albanese to take on this job.

Out of touch, much?

Well, put it this way. Michele doesn’t have to worry about her own mortgage. Or inflation.

She’s on a very tidy wicket, earning more than $1 million a year.

Her predecessor, Philip Lowe, was banking $1,147,465 a year. As his deputy, she was on $828,313.

Bullock scored a 12 per cent pay rise compared to the year prior.

That’s a bit more than the inflation she’s overseeing.