Interest rates rise: RBA lifts official cash rate by 50 basis points to 1.35%

“The size and timing of future interest rate increases will be guided by the incoming data and the board’s assessment of the outlook for inflation and the labour market,” he said in a statement.

The treasurer, Jim Chalmers, was out managing expectations ahead of Tuesday’s announcement, saying households would face difficult conditions for the rest of the year and it was important to be upfront with people about that reality. Chalmers acknowledged in a rising interest rate climate “a bigger proportion of household budgets, which are already stretched by the price of petrol and groceries and electricity and other essentials, [would] be eaten up by mortgage repayments”.

Australians were lied to by Labor, they promised under them with their plan cost of living would go down yet its skyrocketing out of control with no end in sight..

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