Reserve Bank governor Michele Bullock says many Australians will feel like they are experiencing a recession as she blamed the overstretched domestic economy for forcing the central bank to raise interest rates to an 18-year-high, intensifying pressure on Treasurer Jim Chalmers to cut government spending.
Six members of the RBA’s nine-person monetary policy board on Tuesday voted to lift the cash rate by 0.25 percentage points to 4.85 per cent – its fifth rise this year – amid concerns inflation was too broadly based.
Gift articles to anyone you choose each month when you subscribe.
