That the RBA change its Criteria for Setting Interest Rates

We the undersigned hereby request the Australian Parliament to amend the RBA's criteria for measuring inflation in favour of a more accurate and socially just system.

With basic food and energy prices,the general public are price takers not makers. That is, the general public has no control over pricing in these areas. They are non-discretionary. So how will increasing interest rates, which will flow through to rents thus affecting non-mortgage holders as well, bring down inflation without huge social and economic costs?

We call upon Parliament to ensure mathematical based economic formulae does not determine the setting of interest rates, but price makers using their market power to set prices, is recognised as the area requiring remedy.

This includes areas of the private sector where competition is limited or non-existent and in local government where councils have large and inefficient bureaucracies whose excessive costs put upward pressure on council rates.