Premier Roger Cook calls on RBA to lower interest rate to help households in cost of living crisis

Interest rates should be lowered, the Premier believes, saying the Reserve Bank’s more than a dozen consecutive rises have achieved its goal of slowing Australia’s economy. Speaking in the wake of sustained attacks on the RBA from the Federal Government over rate rises “smashing the economy”, Roger Cook said it was “time” to slash rates. It comes after the release of national accounts data which showed Australia’s economy grew just 0.2 per cent in the June quarter as businesses and households cut back their spending, in a sign higher borrowing costs are biting. Mr Cook said while Western Australia remained a “robust and strong” economy, there was a lot of economic strife on the east coast. “Surely it’s the time for the RBA to reflect on that and provide relief for consumers and for families across the nation and to ease on interest rate levels,” he said. “They’ll make a decision based upon the data that’s presented to them. What we’re all saying today is that we can all see the public data, which shows that the national economy is slowing. “It’s slowing to a trickle on the east coast, we remain strong here in Western Australia, but there’s plenty of opportunities to reduce interest rates.” Mr Cook denied the comments amounted to an attempt to direct the independent board. “What we do all the time is comment on the economy and provide feedback in terms of what we believe should happen next,” he said. “Obviously, the RBA is an independent board. They’ll make a decision, and that’s appropriate. “But I think we can all see now that the impact of higher interest rates has had the effect that they’re supposed to have, which is to slow economic activity in order to take control of inflation, and now we should be in a position to reduce interest rates so we can see the economy continuing forward.” Mr Cook also came to the defence of Jim Chalmers, who had been labelled the “worst treasurer” in 50 years, by economist Steven Hamilton. “Jim Chalmers is a great treasurer. He’s steering this economy. He’s steering the National finances. He’s doing a wonderful job to make sure that we can continue to see this nation thrive,” Mr Cook said.