Today’s rate rise belongs to Labor
Today’s decision by the Reserve Bank will be
extremely difficult news for many Australian families.
Angus Taylor said Australians will rightly be concerned about what this means
for their budgets and the difficult decisions they may have to make over the
Australians with a
mortgage of $750,000 will now be paying $1,856 more each month. That’s over
$22,000 more a year they will need to find.
“Today’s rate hike
makes it very clear that Labor’s Budget did nothing to fight inflation,” Mr
“In the three weeks
since the budget, we have seen markets, economists, and now the RBA itself react
to the Budget by increasing their forecasts for inflation and interest rates.
“Labor has been in
government for more than a year now. It’s delivered two budgets.
“This is Labor’s
rate rise. This rate rise belongs to the government.
“This is the consequence
of a government that has let inflation get out of control and has failed to
take leadership on addressing the biggest economic challenge facing
afford Labor’s complacency on inflation. The RBA has made it very clear that
there is more pain in the pipeline. This is far from over.
“It is clear high
inflation and rising interest rates are not coming from the War in Ukraine.
They’re not coming from Vladimir Putin. Inflation is coming from Canberra.
“Interest rates will
be higher for longer as a result of the decisions of this Labor Government.”