Treasurer Jim Chalmers says the reality is Australia is facing an “incredibly difficult” combination of challenges amid news of the Reserve Bank hiking the interest rate to 0.85 per cent today.
“High and rising inflation, rising interest rates, falling real wages at a time when our ability to respond to these challenges is constrained by the fact that the budget is absolutely heaving with Liberal debt,” he said during a media conference on Tuesday.
“The Albanese Labor government does not underestimate the serious combination of challenges that we have inherited, we will do what we can to alleviate the pressure on Australians who are facing the worst combination of price pressures in their economy. “Our responsibility as the new government is to make sure in the October budget that I will hand down that there is a cost-of-living package that includes our policies on childcare and medicines but also to get that longer-term downward pressure on energy prices and to get real wages moving again.”
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