The Reserve Bank Board is widely expected to raise the cash rate from 3.85 per cent to 4.1 per cent at 2:30pm on Tuesday, adding further pressure on households already struggling with higher mortgage repayments and everyday expenses.<\/p>\n
Financial markets are predicting a 71 per cent chance of a rate hike, which would push repayments on an average mortgage up by around $100 per month.<\/p>\n
The figures come as Treasurer Jim Chalmers acknowledged over the weekend that inflation could climb as high as 4 per cent, raising concerns the Reserve Bank may need to keep interest rates higher for longer.<\/p>\n
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The Albanese government has been blamed for the cost-of-living crisis as interest rates are tipped to rise on Tuesday. Credit: Sunrise<\/p>\n
Opposition Leader Angus Taylor told Sunrise on Tuesday the rising pressure on households was the result of what he described as \u201chomegrown inflation\u201d.<\/p>\n
\u201cThis is the government\u2019s failure,\u201d he said. \u201cThe government has to get control of inflation\u201d.<\/p>\n
\u201cThe Treasurer told us, and the Prime Minister told us we\u2019d beaten inflation, but inflation has beaten the government,\u201d he said.<\/p>\n
Play Video<\/p>\n
Opposition leader Angus Taylor discusses his priorities following his leadership victory over Susan Ley, including the upcoming Farrah by-election where candidate Raissa Bukowski will contest the seat.<\/p>\n
Opposition leader Angus Taylor discusses his priorities following his leadership victory over Susan Ley, including the upcoming Farrah by-election where candidate Raissa Bukowski will contest the seat.<\/p>\n
Taylor claimed families were already paying significantly more on their home loans as the impact of rate rises continues to flow through the economy.<\/p>\n
The government is also facing criticism over fuel prices, with pressure mounting for relief measures as costs surge across the country.<\/p>\n
In response, the federal government has approved the release of fuel from Australia\u2019s strategic reserves, a move officials hope will ease supply pressure and eventually flow through to customers.<\/p>\n
The National Farmers Federation has urged city motorists to consider switching to public transport to help ration fuel supplies, warning disruptions could eventually affect food production and push grocery prices higher.<\/p>\n
Taylor avoided committing to scrapping the fuel excise but criticised the government\u2019s energy policy.<\/p>\n
\u201cWe\u2019ve had one of our refineries up in Brisbane, the Ampol refinery, which has had to export all of its fuel because of Chris Bowen\u2019s emissions obsession,\u201d he said.<\/p>\n
\u201cWe need that fuel contained here in Australia, kept here in Australia, Australian fuel working for Australians.\u201d<\/p>\n
\u201cThat will help to alleviate some of the local pressures; hopefully, it will help to alleviate prices,\u201d he said.<\/p>\n
Despite repeated questioning about whether the Coalition would support cutting the fuel excise, Taylor said the party would consider \u201csensible proposals\u201d from the government.<\/p>\n
\u201cThe first priority has to be to ensure that Australian refineries are selling to Australians, and that has not been the case under Chris Bowen because of his emissions obsession,\u201d he noted.<\/p>\n
Taylor said the Coalition had put forward several proposals aimed at easing inflation, but claimed ministers had shown little interest in working together.<\/p>\n
<\/p>\n Minister delivers new blow for Aussie motorists amid fuel shortages<\/p>\n 3 min read<\/p>\n