Jim Chalmers says a rise in interest rates is 'difficult news' for home owners and warns life in Australia is set to become even more expensive.
The federal Treasurer has dubbed a rise in interest rates as "difficult news" for home owners and foreshadowed life in Australia is set to become even more expensive.Treasurer Jim Chalmers says the cost-of-living crisis has been brewing for a long time and there is no quick fixThe Shadow Treasurer says Labor needs to adopt measures that will reduce the likelihood of further rate rises, taking it to 0.85 per cent.
"This will be very difficult news for all of those Australians who are already facing skyrocketing costs of living in this country," he said. He said the government would announce more cost of living measures when he hands down a budget in October."It will take more than two and a half weeks to turn around. We have been up-front about that.
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