RBA starts the rate climb

or a made-in-Australia version will eventually follow or whether central banks will be better at engineering a “soft landing” than they were at identifying the speed of take-off. But Josh Frydenberg’s assurances about the economic cushion provided by the additional $240 billion on household balance sheets post-pandemic won’t do much for families’ confidence as they balance already stretched budgets with much higher monthly mortgage repayments.

After the RBA decision, Morrison and Frydenberg quickly joined forces to argue the shift from emergency interest rates had to be expected in an economy “coming back to life”. That shield won’t offer much protection to people grimly adding up those pressures. But unwillingness to confront irreconcilable trade-offs is not confined to the federal Coalition despite rates becoming another damaging vulnerability for a government under such political pressure.But the opposition leader is still trying to persuade voters, for example, that Australian wages – particularly in care industries paid for by taxpayers – can go up magic pudding-style.

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Anthony Albanese says Scott Morrison only takes credit for good economic newsThe coalition is playing down the political impact of a potential interest rate rise, as Labor steps up its attack on Scott Morrison's economic credibility. When it's good, we did it, when it's bad, not our fault. The coalition has been only too eager to promote its ability to create positives, one of which being low interest rates but when them rates rise it is off course suddenly due to factors beyond their control. Smoke, mirrors and noise don't make for good governance. Morrison has no credibility. Wtf are you talking about? Any economic pressures we face now are because of his failure of a government to handle what has happened. It's because the LNP doesn't have a clue how to manage anything other than making rich people richer.
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