Natalie Barr has slammed a Reserve Bank staffer for claiming it was ‘not attractive’ to shop at Kmart as backlash continues to grow against the central bank.
The Sunrise host was left stunned by the ‘disparaging’ comment that was made in an email sent by an RBA staff member.
The internal email was one of several documents released following a Freedom of Information request.
Documents showed the RBA spent thousands of dollars on taxpayer’s money for soirees at the same time it was raising interest rates for millions of Australians.
One email sent by a staff member touched on the topic of buying Christmas decorations and bemoaning having to shop at discount stores Kmart or Big W.
A freedom of information request has revealed the spending habits of outgoing RBA governor, Phillip Lowe (pictured), who oversaw an over $14,000 dinner hours after raising interest rates
‘One staff member actually raised concerns about the spending and then for the Christmas party they said, “I know it sounds not attractive, but Kmart and BIG W do have some good Christmas decorations at a budget price”,’ Barr said on Monday.
The documents also revealed outgoing RBA boss Philip Lowe held an intimate reception to farewell Australian Prudential Regulation Authority chair Wayne Byres.
Tandoori chicken skewers and bottles of shiraz were among the food and drinks on offer at the event.
The RBA then hosted a special board dinner at Hobart a month later racking up a $13,700 food bill and $4,000 alcohol bill.
Dr Lowe had only just increased the cash rate to 2.85 per cent, having only been 0.1 per cent seven months prior.
‘Higher interest rates and higher inflation are putting pressure on the budgets of many households,’ Dr Lowe wrote in a statement after the increase.
‘The Board expects to increase interest rates further over the period ahead.’
The central bank also suggested including a ‘photo booth with funny hats’ for its Christmas party.
Outrage has been sparked following the revelations as the expense to the taxpayer’s came at a time when the RBA was in the middle of raising interest rates.
Sunrise host, Natalie Barr (pictured), posed the disparaging issue to Tanya Plibersek, who said ‘any public institution has to be very careful with the way that it spends its money’
The Reserve Bank of Australia eft the cash rate on hold at an 11-year high of 4.1 per cent for the second straight month in August.
But since May 2022, rates have increased 12 times – marking the most dramatic pace of monetary policy tightening since 1989.
Nationals MP Barnaby Joyce joined the pile-on against the RBA following news of its lavish soirees.
‘Come on, come on, that is other people’s money and you gotta be more transparent about it,’ he told Barr.
Labor’s Minister for Environment and Water Tanya Plibersek was quick to also put down the RBA.
Ms Barr took particular issue of one staffer’s email, saying: ‘One staff member actually raised concerns about the spending and then for the Christmas party they said “I know it sounds not attractive, but Kmart and BIG W do have some good Christmas decorations at a budget price”‘
Dr Lowe has previously sparked outrage for raising interest rates while he continues to live a life of luxury
‘Any public institution has to be very careful with the way that it spends its money,’ she said.
‘If you are completely happy with the money you are spending on lunch and a $4000 grog bill and a $13,000 food bill, then make sure you put it out into the papers the next day.
‘And of course you wouldn’t do that. I got no problems with them having lunches and dinners, we are not that stupid. They are a professional organisation.’
Dr Lowe has previously sparked outrage for raising interest rates while he continues to live a life of luxury.
In March, he made time to visit Bonnie Doon Golf Club at Pagewood, in Sydney’s eastern suburbs, to enjoy a game on the green.
Membership sign-up fees at the club start at $9,700 with golfers also forking out an annual fee of $3,350 – but that would barely make a dent in Dr Lowe’s overall wealth.
***
Read more at DailyMail.co.uk