Breaking: The Reserve Bank has inflicted more pain on the nation’s army of mortgage holders, lifting interest rates to an 11-year high of 4.1 per cent.
The Reserve Bank has inflicted more pain on the nation’s army of mortgage holders, lifting interest rates to an 11-year high of 4.1 per cent.
“I do expect that there will be a lot of Australians who will find this decision difficult to understand and difficult to cop.” “Housing prices are rising again and some households have substantial savings buffers, although others are experiencing a painful squeeze on their finances.” But shadow treasurer Angus Taylor said the government was adding to the economy’s inflation problems.
Chalmers acknowledged it would be difficult for the Reserve Bank to bring inflation down without pushing the economy into a recession. But when asked directly about the risk of a recession, in light of the most aggressive rate hiking cycle since the 1980s, Chalmers said it was not in any Treasury or Reserve Bank forecasts.
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