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The opposition leader says the government is not in control of inflation and interest rates. Follow live.
Mulino says government is pulling back on spending to help curb inflationsays the federal government is making efforts to pull back spending to help curb stubborn inflation.
The Reserve Bank of Australia increased interest rates by 25 basis points to a 15-year high of 4.6 per cent yesterday. The bank's governor said inflation had been "driven by domestic capacity pressures" and that the oil shock came "in addition to this".said demand for goods and services, driven in part by the AI investment boom, has grown faster than businesses can supply them, which has pushed up prices.
, which was the highest level, aside from during the pandemic, in four decades. , Mulino has insisted the government is not driving spending demand.
"We've had two budget surpluses delivered and we've also, in the last budget, had the biggest saves and reprioritisations that any government's delivered," Mulino says. "So these are major moves. These were tough decisions. We pulled back on NDIS spending totalling $40 billion over the forward estimates.
"Housing minister says Australia's economic position stronger than other economiessays Australia's economic position is better than most other advanced economies despite yesterday's rate hike. The Reserve Bank of Australia increased interest rates by 25 basis points to a 15-year high of 4.6 per cent on Tuesday. ,said inflation had been "driven by domestic capacity pressures" and that the Middle East oil shock came "in addition to this". Channel Seven"We've got to take the whole picture into account here.
I mean, Canada's got lower interest rates than Australia. They've also got an unemployment rate of 7 per cent, and we've got a lot of economic issues facing our country," O'Neil says.
"I would never downplay them. But I will also tell your viewers at home, I would prefer to be Australia than any other country in the world.
", who has appeared on the panel with O'Neil, wouldn't say where the opposition would cut. Pressed again on that question, McKenzie says money going to renewable energy companies, green hydrogen projects and the Melbourne suburban rail loop would be in the Coalition's sights. Opposition leader blames 'home-grown inflation' for interest rate risehas stepped up on morning television to speak about the RBA's decision to hike interest rates to a 15-year high.
The Reserve Bank raised interest rates by 25 basis points to 4.6 per cent on Tuesday. The bank's governor,, said Australia's inflation challenge was broader than the impact of the Middle East war. She said inflation had been "driven by domestic capacity pressures" and that the oil shock came "in addition to this". , the opposition leader says the government isn't in control of inflation and interest rates.
Taylor says the government is spending too much money on the transition to renewable energy, "housing bureaucracy" and "corporate welfare". He's called on the federal government to ensure that all spending is offset by savings in the budget.
"This has been home-grown inflation. We have the highest interest rates now of any developed country outside of Iceland. So we are seeing very specific factors here for Australia," Taylor says. Hello and welcome to our federal politics live blog!
It's great to have you join us early this Wednesday morning.joining you live from Parliament House in Canberra, here and ready to bring you all of today's federal politics news. There's a few things happening in the world of politics today.
First up, we'll likely hear reaction to the RBA's decision to hike interest rates. Larissa Waters
Politics Live Blog Federal Parliament Anthony Albanese Angus Taylor
Australia Latest News, Australia Headlines
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