The rising cost of living pressures are set to worsen for millions of Australians with the Reserve Bank expected to lift the cash rate for a fourth consecutive time as Jim Chalmers slammed banks for a 'disappointing' move.
Treasurer Jim Chalmers has told Australians to"brace" for a fourth consecutive interest rate rise while taking a swipe at banks over a"disappointing" move.
If the interest rate is lifted by half a percentage point, it means the monthly repayment has increased by $472-a-month since the cash rate rise began in May. Dr Chalmers was asked on Tuesday whether the expected move from the Reserve Bank was the"right thing" to do. The Treasurer was then questioned about what message he wanted to send to banks who were not passing on interest rates to savers."I will have an opportunity to relay myself to the banks through the course of today.
He encouraged people who were being let down by their banks to shop around for a better deal if they had that option. “You know what we are against, you see it every day, at the supermarket, in your pay packet, when the electricity bill arrives,” Dr Chalmers told Parliament on Thursday while he delievered the economic outlook for Australia.
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