Soaring inflation puts pre-election interest rate hike on the cards

If Australia's Reserve Bank raises the official cash rate next week, Scott Morrison will become the first prime minister to face an interest rate rise during an election since John Howard in 2007.Inflation is now at 5.1 percent, its highest level since since 2001, when the Goods and Services Tax was introduced.Combined with export demand and higher fuel costs, food prices have been heading north at a faster rate than inflation.

"They are going to increase interest rates, they are going to do it. Whether they do it at the next meeting or the meeting straight after the election, you know, it is as much to do with politics, really, as it is to do with economics," Mr Dennis said. "So, real wages in Australia now are falling, because prices are going up so much faster than wages."

Mr Dennis said the government's stimulus policies during the COVID-19 pandemic and into the election year had led to inflation increasing at a faster than normal pace.Australia's property market is expected to hit a sharp downturn as interest rates increase.

Australia’s cost of living crisis is entirely due to the incompetent Coalition’s mismanagement of the economy. auspol

Ummm No ! you favoured the carrot that was dangled to you just like every other participating country in the farse you and them made us all live by with fear. So now, that's how this super inflation has been created. It's a by- product of the product you all pushed. Vote UAP

That’s a sick bike!

If only we'd had a pay rise in the last 10 years to cover it.

SMIRKO - The USUAL blame game!!👎🤥👎🤥🤪😜👺👺👺

We aren’t immune to what’s happening around the world. Just look at the USA. Would have been worse under Labor!

Never is his fault! 🙄

He's right. It is the policies of the World Economic Forum wef , the World Health Organization WHO , and the Bilderberg group which are accepted unquestioningly by both Liberal and Labor that are to blame. SackThemAll VoteThemAllOut2022 auspol

Bull 💩 he sold out every single Australian to the world economic forum and Klaus schwabb

Blame Russia harder

How dose he explain how his Government had the benefit of record low interest rates allowing money pumping up economy for the entirety of it term but real wages have stagnated or gone backwards?

LNPCantManagetheEconomy

... well he would wouldn't he ...?

He never takes responsibility. He only takes credit for good news, never takes responsibility for the problems he sleeps on.

Just blame, run or lie.

Like usual, always blame someone else.

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