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Key events 10m ago Chalmers says Australians bracing for 'difficult decision' 11m ago Welcome Tess Ikonomou Asked why Labor can’t guarantee it won’t find net savings in the mid-year budget update, Chalmers told RN the government is undertaking that task this month ahead of December’s release. double quotation mark We are currently working our way through the spending pressures, the economic forecasts, and the savings options to come up with the best, most responsible budget update that we can. There have been savings in all eight of our budget updates so far. There’ll be savings in the ninth as well.
The powerful expenditure review committee met on Monday, and will convene again on Wednesday to discuss savings, Chalmers said. Chalmers says Australians bracing for 'difficult decision' Tess Ikonomou Treasurer Jim Chalmers told ABC’s RN Australians are bracing for a “difficult decision” ahead of an expected rate hike. Another rise would likely increase the cash rate to 4.85%, taking it to the highest level in 18 years. double quotation mark People are under substantial pressure already, and obviously, if rates go up today, that will make things much harder, especially when there are already a number of rate rises in the system and their full effect hasn’t been felt yet Regardless of the decision that the Reserve Bank takes independently this afternoon, we know that there is more work to do to make the budget as tight as it can be.
Welcome Welcome to Guardian Australia’s live coverage of the Reserve Bank’s Tuesday board meeting. It is widely expected the central bank will hike interest rates by 0.25 percentage points today to 4.85% – the fifth rate hike this year, and the highest level in 18 years. Let’s begin.
Source: The Guardian
