Episode Details

The Reserve Bank of Australia raised interest rates, with a divided board, to combat inflation. Despite market expectations, Governor Michele Bullock clarified that rising petrol prices were not a factor. The bank aims to curb spending by increasing rates, despite households already grappling with stagnant wages and waning consumer confidence. Recent data indicates subdued activity, and economists advise the bank to exercise caution before further actions, awaiting the federal budget and consumer trends.

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