FinancePerthNowJim Chalmers defended by Andrew Charlton after RBA rate hike and inflation surge pile pressure on Labor economy
The RBA raised rates to a 15-year high this week as inflation jumped to 4 per cent, and a senior Labor minister has stepped up to defend Treasurer Jim Chalmers.
After a bruising week for Australian households, a senior Labor minister has mounted a striking defence of Treasurer Jim Chalmers.
Cabinet Secretary Andrew Charlton publicly defended Jim Chalmers after a rate hike and a jump in headline inflation to 4 per cent delivered a tough week for Labor's economic record.
The RBA lifted rates to a 15-year high, citing Middle East conflict pushing up energy prices, AI-related demand, and ongoing domestic capacity pressures as key factors.
With core inflation still at 3.6 per cent and well above the RBA's target band, mortgage holders should not expect rate relief any time soon.
Core inflation is sitting at 3.6 per cent, well above the RBA's 2-3 per cent target, suggesting rates may stay higher for longer, so check whether your mortgage buffer is holding up.
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