“I think that the rate rise is really a pretty stark, pretty brutal reminder of the difficult economic conditions,” he said. “We are sadly now seeing the results … It will take a combined approach by the government, lenders and the community at large to help people through this.”īut despite the calls, Dr Chalmers remained tight-lipped about whether he supported the RBA’s decision, conceding the latest rise was a “brutal reminder” of the inflation challenge Australia is currently facing. “Governments and lenders knew this was coming because the global indicators were there, but somewhere along the line there was a failure to prepare Australians who had become complacent after more than a decade without seeing any rate rises,” he said. Picture: NCA NewsWire/Joel CarrettįBAA managing director Peter White also pleaded with the RBA to “ease off and allow Australians to recover” prior to the eleventh hike, arguing many Australians are on the “brink and are sleepwalking into disaster”.
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