Sarah-Jane Tasker: Anthony Albanese and Jim Chalmers won’t be able to hide behind the RBA for much longer

Anthony Albanese and Jim Chalmers won’t be able to hide behind the RBA for much longer as it takes the heat for the mortgage pain being felt across Australia. It’s easy for the PM and his Treasurer to sympathise with those doing it tough given Governor Philip Lowe is public enemy number one as the face of the central bank’s decision to raise rates 12 times in just over a year. It won’t be long though until people start blaming the Government as household budgets are further squeezed and they will want to see less talk and more action from political leaders. At some point, Lowe won’t be the target of national anger, likely when Chalmers punts him from the job, but people will look for a new target. Enter the Albanese Government. The public will soon want to hear more than sympathetic responses from politicians. Their “we understand your pain” commentary is going to be a lot harder to digest in a shrinking economy. New figures this week have some economists suggesting a recession could be on the cards. While that outcome is still more unlikely than likely, the economic headwinds are a big test for this Government. Albanese said on Thursday he’s “optimistic” about Australia’s future and that he and his Government are taking a “positive” approach. I’m not sure a positive attitude will keep the economy on track and help those suffering from the cost of living pressures — the PM and his Treasurer need to move beyond daily talking points on this issue and provide real solutions.