Treasurer Jim Chalmers has blamed successive interest rate rises for 'smashing the economy', as the government braces for more weak economic figures due this week.
The treasurer has pointed the finger at successive interest rate rises for a stagnating national economy.Treasurer Jim Chalmers has blamed successive interest rate rises for "smashing the economy", as the government braces for more weak economic figures due this week.
Higher inflation has held on longer than the federal government first anticipated, with headline inflation rising by 3.8 per cent over the year to the June 2024 quarter.13 times since May of 2022 from 0.35 per cent to 4.35 per cent,But the economy has also halted, growing a meagre 0.1 per cent over the first quarter of 2024, and 1.1 per cent over the year to March.
Shadow Finance Minister Jane Hume accused Mr Chalmers of warring with the RBA, and said his comments laid blame on the central bank, instead of himself.
National Accounts Interest Rates Reserve Bank RBA Inflation Jim Chalmers
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