Treasurer Josh Frydenberg says with the worst of the pandemic over, fiscal policy has “normalised” – after the Reserve Bank increased the cash rate to 0.35 per cent.
“Today, the Reserve Bank of Australia has reaffirmed Australia’s economic strength and Australia’s economic resilience,” Mr Frydenberg said during a media conference on Tuesday.
“And today, the Reserve Bank has started its walk along the path to normalising monetary policy, with an increase of 25 basis points in the cash rate, just as other central banks around the world have done.” Mr Frydenberg said these are “serious economic times,” and it is not a time to “change course” but to “maintain a steady and experienced hand at the helm”.
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