Minns warns expected RBA rate rise will see ‘shops close that don’t reopen’ as pressure mounts on PM
Summary
New South Wales Premier Chris Minns warned that an expected Reserve Bank of Australia rate rise could cost jobs and force businesses to close. He called on federal and state governments to curb spending, while the Albanese government defended its spending and said a savings package would appear in next month’s budget update.Key Facts
- The Reserve Bank of Australia was due to announce its cash rate decision on Tuesday.
- Markets predicted the bank would raise rates for the fifth time in 2026; a rise to 4.85% would put the rate at its highest level in 18 years.
- Minns said another rate rise could lead to job losses and businesses closing in New South Wales.
- Prime Minister Anthony Albanese and Treasurer Jim Chalmers said the government’s mid-year budget update would include a savings package.
- Environment Minister Murray Watt said inflationary pressures were occurring globally and would persist even if Australia cut its budget spending to zero.
- Labor frontbencher Tanya Plibersek said the planned savings would be meaningful but would not harm households.
- ACTU secretary Melissa Donnelly warned that workers could not withstand another rate rise and blamed cost pressures on factors including the war in the Middle East.
- Australian Council of Social Service chief executive Cassandra Goldie urged the Reserve Bank not to raise rates.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
