Original article by Ronald Mizen
The Australian Financial Review – Page: 1 & 4 : 7-Dec-22

Treasurer Jim Chalmers says the latest increase in official interest rates is "the Christmas present no Australian household wanted". Reserve Bank of Australia governor Philip Lowe has signalled that further interest rate increases are likely in 2023, after the RBA lifted the cash rate by 25 basis points to 3.1 per cent on Tuesday. Lowe said the size and timing of future rate rises will continue to be determined by incoming economic data and the RBA board’s assessment of the outlook for inflation and the labour market. He also noted that the headline inflation rate is still well above the RBA’s target range of 2-3 per cent. Chalmers says the eight increases in the cash rate since May are likely to weigh on economic growth.

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