Reserve Bank deputy governor Andrew Hauser has acknowledged growing public anger over multiple interest rate rises, saying households are bearing the pain of years of high inflation but must have confidence that the difficult decisions needed to tame it will ultimately pay off.
Speaking just days after the RBA board raised the cash rate 0.25 percentage points to an 18-year high of 4.85 per cent, Hauser said monetary policy worked slowly and “pain often precedes gain”, conceding borrowers had considerably lower trust in the central bank than Australians without a mortgage.
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