Shadow foreign affairs minister Simon Birmingham has defended RBA Governor Michele Bullock after Treasurer Jim Chalmers accused the RBA of “smashing the economy” with its rate hikes.
Simon Birmingham has come to the defence of the RBA Governor following her response to the Treasurer’s claims the independent bank is “smashing the economy” with rate hikes.
“And she is responding to the way in which Jim Chalmers appears to have dialled up his attacks on the reserve Bank and his attempt to shift the blame for the pressures that Australian households are facing,” he told Sky News Australia. Since May 2022, when Mr Chalmers assumed office, the RBA has increased rates from a historic low of 0.1 per cent to 4.35 per cent as of September.
“Interest rates in those economies are on the way down. Here, the Reserve Bank is holding out the possibility of having to put them up again,” Mr Birmingham said. "And those cost burdens are ultimately flowing through to keep inflation higher for longer, and therefore interest rates higher for longer.”
Jim Chalmers RBA Governor Michele Bullock
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