It's an outrage. One of the most crucial economic issues in the country, that affects virtually every household, which could send hundreds of thousands of Australians spiralling into penury and bankruptcy, is controlled not by democratically elected politicians but by unelected bureaucrats who act without regard to what Australians want, placing their own elitist judgement of what the country needs above what the electorate might believe.

Welcome to monetary policy as conducted by our independent Reserve Bank, put in place by the Howard government.