‘This is a difficult day for Australians’: Jim Chalmers addresses RBA decision

The RBA increased rates by another 25 basis points to 4.1 per cent on Tuesday, the highest rate in 11 years.

“The reserve bank’s job is to squash inflation without crunching the economy and they will have lots of opportunities to explain and defend the decision they’ve taken today.” “The governor as made it really clear, even in the last week that this rate rise is not because of the budget,” he said. The RBA made the decision to raise interest rates by 25 basis points to 4.10% on Tuesday. Picture: NCA NewsWire / Martin Ollman

“This is a difficult day for Australians – this is the key reason why fighting inflation is still the primary focus of the government, primary focus of the budget and primary focus of our economic plan,” he said. But the 'the RBA has to explain' and 'people will find it hard to cop' are disappointingly soft from him.Chief Investment Officer Scott Phillips at investing news company The Motley Fool took issue with the Treasurer’s “lack of support” for the RBA and their difficult decision.

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