Live: Canavan says rate hike could be 'straw that breaks the camel's back'
Matt Canavan says a further interest rate hike could be the "straw that breaks the camel's back" for families, blaming government spending for inflation. Follow live.
Treasurer Jim Chalmers is preparing for the Reserve Bank's decision on interest rates, which could be the "straw that breaks the camel's back" for families. He acknowledged the need to address inflation, attributing it to global oil prices and the war in the Middle East. Shadow Treasurer Tim Wilson argued that rising unemployment isn't the only solution to inflation, advocating for a reduction in government spending and addressing dishonest use of taxpayer money.
National leader Matt Canavan expressed concern that the upcoming rate hike might prove too much for many households, pointing to government overspending as the root cause of inflation.
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