Former treasurer Joe Hockey has cautioned the RBA against hiking interest rates next week as Australians grapple with the cost-of-living crisis. Mr Hockey said inflation is no longer an international issue as it was earlier in the year.
Former treasurer Joe Hockey has cautioned the RBA against hiking interest rates next week as Australians grapple with the cost-of-living crisis.“I would caution the Reserve Bank very, very carefully but empathically about increasing rates next week,” he told Sky News Australia.
He explained that because Australia's interest rates move differently from other countries, they go “straight through” to the household budget. “It would be extremely unwise in this current environment for the Reserve Bank to overreach which could put a dramatic handbrake not only on the Australian economy, but inevitably, higher interest rates lead to higher unemployment.”
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