There were more than just a few of Jim Chalmers’ colleagues who appeared not to have got his memo, or simply chose to ignore the advice to keep shtum ahead of the central bank’s rate decision on Tuesday.
What other explanation could there be for the open defiance of the Treasurer and his private instructions to steer clear of political commentary ahead of the decision?
This is an ill-disciplined political pile-on that reeks of desperation, clearly fuelled by frustration that Labor’s primary vote heading toward an election remains on life-support.
Clearly, they are working under the misapprehension that the bugling of advice to the RBA from the Labor backbench will assist in the party’s recovery.
But there can be no political recovery without an economic recovery, as has been proven around the world.
For government MPs to be issuing openly hostile demands to the bank ahead of a critical meeting is not only a direct challenge to the RBA’s independence, it is a challenge to Chalmers’ authority as the government’s economic manager.
Chalmers has effectively confirmed that he had private discussions with colleagues about the need to cool their jets on the prospect of a rate cut and to avoid straying into political commentary.
Having gone there himself before when he accused the RBA of smashing the economy, Chalmers’ approach has been far more cautious of late.
He is aware that whatever political benefit might be derived from a rate cut, should one be delivered, there is also risk in appearing to assert overt political pressure on the bank.
For one, if the bank doesn’t cut rates the government will have projected impotency to deliver relief for mortgagees.
And Chalmers is obviously conscious that despite the money markets’ predictions, there is a risk the bank holds.
“I say the same thing to my colleagues privately that I say publicly. That is that we take no outcome for granted this week when it comes to decisions about interest rates,” he said.
“The respectful role that I will play in that is to not engage in a running commentary about their deliberations. I’ve made it really clear for some time now – I understand and respect their independent role.”
There was nothing respectful or even sensible in outgoing Lyons MP Brian Mitchell’s remarks that RBA board members should get off their computers and take a walk down struggle street.
He wasn’t alone. The insistence of the member for Hawke, Sam Rae, that the bank give him a rate cut – “I want a cut” – was equally inane.
On the other side of the ledger, the latest Newspoll suggests Peter Dutton needs to quickly find his economic voice amid all the noise.
Few voters believe the Coalition’s argument that inflation would have been lower under its management. In fact, 25 per cent of voters think it would have been higher.
This can only be a product of the Coalition’s failure to leverage what it assumes is its political equity in economic management and a willingness for most voters to accept Chalmers’ argument that global factors, rather than government profligacy, is the underlying cause.
The poll suggests that the Coalition cannot just assume it has an advantage on this anymore – it will need to work for it.
The great irony of this election is that while it will be primarily contested on cost of living, it is the economy that both Dutton and Anthony Albanese are least comfortable talking about.
This may go a long way to explaining why voters remain frustrated with both major parties and their leaders.
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