Raising variable interest rates in order to reduce and/or stop CPI and wage inflation calculated by a basket of consumer goods, such a policy should be considered lies.
     Raising/increased interest rates: increases business loan servicing costs, forcing businesses to raise prices on provided goods and services; causes workers whom service debt to consider asking for increased wages and/or pursue obtaining higher paying employment, pushing up goods and services prices; citizenry reduce living expenses as inflation of necessary items prices increase, buying fewer services and goods, which reduces businesses goods and services turnover, forcing businesses whom have fixed business expenses to increase goods and services prices, where competition has similar concerns competition will follow the same tactics; when money is cheap servicing low interest rate loans, increasing business opportunities allows better profit margins, resulting in paying more federal taxes and increased GST due to increased goods and services turnover; raising interest rates to reduce consumer consumption to increase unemployment, government reduced tax payer incomes while increasing unemployment benefits to more unemployed people; employers first choice to end employees employment are often reducing older employees, whom many will not be able to find replacement employment due to their elderly age, maintaining unemployment status for many years until retirement age.
     Periods of low market valued crude oil reduce business transport fuel costs, providing distributing goods and services beginning at the raw material stage, provides periods of low inflation, allowing federal banking boards excuses to reduce interest rates. When crude oil prices increase business costs increase, increasing CPI inflation. Federal banking policy to increase interest rates increases business costs, plus ‘opportunity costs’ theory to increase goods and services prices, further providing reasons for federal banking boards to increase interest rates.
     USA crude oil futures market determined by USA crude oil held in large land based containers often determined by crude oil tanker ships arriving and unload into land based containers, influencing world crude oil prices. Due to the nature of USA consistent fuel consumption: workers going to work; transportation of goods and services; etc.,… raising fuel prices has little change to daily fuel consumption, therefore to increase crude oil prices to reduce consumption is little more than increasing economic indicator CPI inflation, being that motor vehicle fuel prices are included in the CPI basket of goods. Many people are aware yet fail to consider establishment manipulation of CPI inflation.
     By regulating crude oil shipping arrivals or to merely manipulate crude oil futures market prices, federal banking boards can apply fake interest rate policy theories to allow banks and financial lending institutions to raise interest rates on borrowing customers, generally after a period of deregulated financial lending.
     Australian Malcolm Turnbull when being prime minister was reluctant to have an inquiry into Australian banks overly enthusiastic lending practices. After the inquiry discovered the many inflated lending practices were more about bank executive bonuses greed, a number of recommendations were provided, which Australian federal Liberal government seems to have ignored. The few occasion reminders I have heard of the inquiry, AMP charging dead customers fees gets mentioned, not any similarities to how present day banks are turning over loans pushing up share price valuations to record levels, notably CBA shares and/or that land valuations are more bubble on top of a bubble on top of a bubble, which doesn’t have to burst if a long period of wage inflation to re-adjust the value of money down to far lower buying abilities as did during 1970s and 1980s, to allow a future property buying boom period room to increase bank borrowing investment in property affordability.
     As few inquiry recommendations were applied, how corporations maximise profits for share holders excuse up to the limits of legal interpretations, I speculate little has changed regarding pre-inquiry lending behaviours, only media have not bothered to investigate whom banks are lending money to, whether affordable loans can be serviced.
     As present day bank lending resembles unannounced deregulated lending, rather than using mythical increasing interest rates slows/stops CPI and wage inflation, instead re-regulate bank lending policies.
     USA 1960s citizenry were driving heavy auto-mobiles consuming cheap fuel, 1970s inflation was partly blamed on OPEC crude oil increase price shock. Australia had a Whitlam Labor government spending to blame for some of the 1970s inflation. Inflation’s 1970s progressively increasing interest rates held land values down as wage inflation increased. 1977 began a post WW2 baby generation short property buying boom, I can only guess 7% interest rate property purchasing ending in October 1979 sudden 20% interest rate blamed on gold priced at US$800 an oz. As decades progressed buying booms had lower interest rates. Now at record low interest rates, unable to go lower, will a repeat cycle beginning booms at 7% interest rates after a period of high wage inflation similar to 1970s?.
     Labor.gov are no different to Liberal.gov where fake interest rate declining inflation policies are acted upon.

steve9

You seem to advocate leaving interest rates where they are. However, historically low rates haven't stopped people whinging about how bad the economy is. Eventually, people will find better uses for their money, and that will force rates up.

I think you misunderstand the entire point of what the RBA does. As well as the economic consequences of interest rate rises.