Politics with Michelle Grattan
News:Politics
After Wednesday’s larger-than-expected inflation number, all attention has turned to the Reserve Bank’s meeting on Tuesday. If the bank moves next week, it will be the first time there’s been a rise in a campaign since 2007, the election John Howard lost.
Pointing to recent rate rises overseas, independent economist Saul Eslake says: “If the Reserve Bank were to do nothing in the face of this much sharper-than-expected acceleration in inflation, it would be leaving itself open to a charge of acting in a political way, which would undermine its credibility for an extended period.
"So I think the Reserve Bank really has to raise interest rates at its meeting next week.” If it doesn’t, Governor Philip Lowe would require “a very persuasive explanation”.
If the bank didn’t act next week, it could subsequently have to make a 75 basis points rise in one hit, “which would be a considerable shock to the mortgage-paying population in particular, but I think for small businesses and a whole lot of other participants in Australia’s economy more broadly.”
Politics with Michelle Grattan: Chris Bowen’s struggle to promote consensus on climate action at COP28
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Politics with Michelle Grattan: James Paterson on the High Court’s decision on detention and rising anti-Semitism
Politics with Michelle Grattan: Former climate minister Greg Combet on Australia’s mission to reach net-zero
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Politics with Michelle Grattan: Don Farrell’s high noon for European free trade deal, and hopes for lobster exports to China
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Politics with Michelle Grattan: Greens Jordon Steele-John on the disability royal commission and Bill Shorten’s NDIS reforms
Politics with Michelle Grattan: Treasurer Jim Chalmers on jobs and work
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Politics with Michelle Grattan: ANU Vice-Chancellor Brian Schmidt on the challenges universities face
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Politics with Michelle Grattan: Battle of The Voice - Yes23 campaign director Dean Parkin and former deputy prime minister John Anderson
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Politics with Michelle Grattan: Labor president Wayne Swan on the party’s coming national conference
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Politics with Michelle Grattan: ‘yes’ campaigner Thomas Mayo and ‘no’ advocate Derryn Hinch on the Voice
Politics with Michelle Grattan: ACCI Head Andrew McKellar on industrial relations and boosting Australia’s productivity
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