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Australia’s Treasurer says rate hike was widely expected
Jim Chalmers said the latest move does not make it easier for people facing broader global pressures.
Australian Treasurer Jim Chalmers said the latest interest rate hike was widely expected and anticipated, but that it does not make it any easier for people, Reuters reported.
Chalmers also said Australia is not immune to global pressures but is better placed and better prepared to confront them.
The Reserve Bank of Australia sets interest rates and manages monetary policy, with decisions made by a board of governors at 11 meetings a year and ad hoc emergency meetings as required, according to the report.
The RBA’s primary mandate is to maintain price stability, with an inflation target of 2% to 3%, and it also aims to contribute to currency stability, full employment, and the economic prosperity and welfare of Australians, the outlet added.