Promise of ‘Light at End of the Tunnel’ for Inflation
Rising unemployment, stubbornly high inflation and a looming interest rate hike are piling misery onto Australian consumers, but Labor insists better days are on the horizon. The pinch of optimism comes as mortgage holders brace for the Reserve Bank of Australia to lift the official interest rate to a near-15-year high of 4.6 percent on Tuesday, an outcome money markets are treating as largely a foregone conclusion.
TL;DR
- Australian consumers are experiencing increased hardship due to rising unemployment and high inflation.
- The Reserve Bank of Australia is expected to increase the official interest rate to 4.6 percent.
- Deputy Prime Minister Richard Marles acknowledged the difficulties faced by households.
- The government is working to put downward pressure on inflation and believes better days are ahead.