Daniel Andrews says he does not believe the RBA’s decision to raise rates 11 times in 12 months is squashing inflation as intended.
Retail sales lifted by 0.4 per cent in March, but it appears to be driven by higher prices.
“Food retailing has now recorded 13 consecutive monthly rises, largely driven by high food inflation,” he said. “While goods inflation slowed sharply in quarter-to-quarter terms last quarter, we estimate that sales volumes fell by around 0.5 per cent in the March quarter, which would mark the biggest drop since 2021’s Delta lockdowns,” he said.The Northern Territory government announced it will allow for onshore gas development at the Beetaloo Basin.
“We have strengthened government agencies, we have strengthened legislation to rigorously assess environmental management plans,” Fyles said this morning. Beetaloo Basin is estimated to contain significant amounts of shale oil and gas that could be recovered using fracking, a process that involves the injection of high-pressure fluid into bedrock.Meanwhile, Victorian Premier Daniel Andrews says he does not believe the Reserve Bank’s decision to raise rates 11 times in 12 months is squashing inflation as intended.
“I’m not sure that 11 interest rate rises in 12 months is smashing inflation. I’m certain it’s smashing families. So again, I don’t know that pulling this lever is necessarily delivering the outcome that the bank wants, and that’s to get inflation under control.” Opposition Leader Peter Dutton paid tribute to Staley today, saying he had visited him in Melbourne recently and thanked him for his service to the Liberal Party and Australia.
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