Shadow Treasurer Angus Taylor responded to the Reserve Bank’s cash rate hike after it announced the rate would increase to 0.85 per cent from 0.35 per cent.
“This was obviously a decision of the independent Reserve Bank, and it should be respected for that,” Mr Taylor said.
“But those decisions are made within an economic context and within the context of government policy.” He said the government would need to ensure it curbs unnecessary spending to contain inflation and interest rates.
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