Treasurer Jim Chalmers concedes Australians are “under the pump” after incessant rate rises as RBA boss Philip Lowe is slammed at a business dinner following the controversial decision.
The RBA lifted the cash rate by 25 basis points to 3.85 per cent on Tuesday after a one month pause from hikes.
“We recognise that a lot of Australians are under the pump and when interest rates go up it makes it even harder for people who are already under significant pressure,” Mr Chalmers told Sky News Australia on Wednesday. Mr Chalmers said despite the persistent inflationary environment there would be more relief using multiple levers.
However, despite a fall in inflation, the Reserve Bank resumed its program of tightening monetary policy. The RBA then said it was better to continue rate hikes to “ensure inflation is brought back to target faster”. “Do you have someone with hands on experience of running a small business who can give you the real heads up of what’s happening in our industry,” the man said to a visibly stunned Governor Lowe.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chalmers ‘must guarantee returns’ for nation-building superThis could include guaranteeing a minimum rate of return to investors, tax incentives or offering capital grants, new research commissioned by Rest suggests.
Read more »
Chalmers has no more cash to splashInstead of talking down the strong economy and bottomline inherited from the Coalition, the treasurer needs to hold his nerve against the Labor left and focus on bringing the budget to balance, writes shadow treasurer Angus Taylor.
Read more »
‘Brutal reminder’: Chalmers’ budget warning after RBA shockIn the wake of the Reserve Bank’s resumption of interest rate rises, the treasurer has warned that fighting inflation comes ahead of demands to increase welfare spending.
Read more »
‘Pretty brutal’: Chalmers promises relief in budget after shock rate riseThe head of Deloitte Access Economics, Pradeep Philip, warns the Reserve Bank is pushing the country to the brink of recession.
Read more »
‘Brutal reminder’: Chalmers’ budget warning after RBA shockJim Chalmers has used the Reserve Bank’s resumption of rate rises to warn fighting Australia’s inflation rate must come ahead of welfare spending in next week’s budget.
Read more »