Climate change versus interest change
In a report currently before the Federal government a possible solution to ease the burden of higher interest rates is currently under consideration. Harold Lubansky has tabled the “National Climate Change Saving Scheme”, allowing excess liquidity to be soaked up without having to increase interest rates. In this submission individuals with an income in excess of $38,000 would be charged around 0.66% of income or $250, instead of a rate rise of 0.25%. This rate would scale up for higher income earners. However, instead of the interest payment simply increasing the money would be invested and then be drawn down by account holders to use for green initiatives, such as cars, solar hot systems etc.
Source: The Age