Albanese Challenges RBA Governor’s Explanation for Rate Hike
The governor of the Reserve Bank of Australia says oil prices were not the primary factor in Australia's new 4.85 percent interest rate.
TL;DR
- RBA Governor Michele Bullock cited domestic capacity pressures as the primary driver for the latest interest rate hike.
- The interest rate increased from 4.60 to 4.85 percent on November 3rd.
- Bullock clarified that the monetary policy tightening was not due to the direct impact of oil prices on inflation.
- Prime Minister Anthony Albanese has reportedly dismissed Bullock's explanation.