Treasurer Jim Chalmers has been grilled in two live television interviews over his remarks blaming the Reserve Bank for slowing economic growth with rate hikes amid a cost of living crisis.
RBA of"smashing the economy" with interest rate risesThe data is expected to detail Australia's dire economic growth over the June quarter after the economy rose a dismal 0.1 per cent during the first quarter of 2024.
Mr Chalmers denied he was attempting to shift fault, saying the government works"well and closely" with RBA Governor Michelle Bullock in the fight against inflation. "Interest rates are part of the story there, so is global economic uncertainty, and so are all these price pressures in the economy." He referenced similar comments by Assistant immigration minister Matt Thistlethwaite who told Sky News on Tuesday:"We don’t want to see the Reserve Bank go too far.""I've been saying it for ages, and I think it would be strange really if the Treasurer of Australia couldn't say to the Australian people our economy is slowing and here are some of the reasons why it's slowing, including higher interest rates.
"We know that people are doing it tough and that's why cost of living is our primary focus when it comes to the things we're doing as a government," he said. "Of course not, Nat. We’ve been making a similar point for some time now about the pressures on the economy," Mr Chalmers replied.
Treasurer Nat Barr Today Show Jim Chalmers Cost Of Living Sunrise Inflation Sarah Abo Rate Hikes Karl Stefanovic
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