Treasurer Josh Frydenberg has defended the government’s economic record amid a historic rate rise – refusing to criticise the Reserve Bank’s decision.
"The Board judged that now was the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic," he said.
"The economy has proven to be resilient and inflation has picked up more quickly, and to a higher level, than was expected. "There is also evidence that wages growth is picking up. Given this, and the very low level of interest rates, it is appropriate to start the process of normalising monetary conditions."“After almost a decade of this Liberal-National Government, the costs of essentials are out of control, real wages are falling, and now interest rates are rising by a quarter of a per cent,” he said in a statement.
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