Former prime minister Scott Morrison has bluntly summed up Labor’s economic track record in a six-word social media post.<\/p>\n
On Tuesday, the RBA hiked the cash rate<\/a> to a 15-year high of 4.6 per cent.<\/p>\n Mr Morrison posted on X a picture of an interest rate graph mapped against the prime ministerships since 2006.<\/p>\n He captioned the post: “16 swallows do make a summer.”<\/p>\n Mr Morrison’s play on the proverb “one swallow does not make a summer” implies the 16th rate rise under the Albanese government points to a deeper trend.<\/p>\n On Tuesday afternoon, following the rate rise, Reserve Bank of Australia governor Michele Bullock avoided blaming government spending<\/a> for the latest interest rate rise.<\/p>\n Ms Bullock blamed \u201cdomestic spending and investment\u201d being \u201cstronger than expected\u201d while productivity remained \u201cweak\u201d.<\/p>\n Ms Bullock also pointed to the conflict in the Middle East escalating again in recent weeks, pushing oil prices up.<\/p>\n \u201cThis isn’t all about the Middle East conflict. It is making things much worse, but we did start from a position of excess demand anyway, and that’s why we started raising interest rates even before the conflict started,\u201d she said.<\/p>\n Shadow treasurer Tim Wilson referenced Ms Bullock\u2019s remarks and said the \u201cprimary problem\u201d in the economy was the government\u2019s \u201cspending addiction\u201d.<\/p>\n \u201cOf course there’s international effects, but it doesn’t explain the three increases in interest rates earlier this year, when the rest of the world wasn’t moving,\u201d he told News24.com.au.<\/p>\n \u201cIt doesn’t explain the interest rate rise on the February 3 of this year before a single bomb had been dropped on Tehran. What we know is that the primary problem we have, and the Reserve Bank Governor has outlined this, is domestic spending pressure.<\/p>\n \u201cParticularly government spending that has gone on to put pressure on interest rates.\u201d<\/p>\n Read related topics:Inflation<\/a>Interest Rates <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Former prime minister Scott Morrison has bluntly summed up Labor’s economic track record in a six-word social media…\n","protected":false},"author":2,"featured_media":909854,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[477907,438023,477912,477896,342544,476883,477891,477914,477904,389152,401260,477894,477887,381127,318760,8932,477888,2324,64,63,477902,477886,477903,99,32092,477918,477910,376920,373954,477905,477899,164,477900,477915,20309,3208,5626,477913,477911,1788,4273,18075,477895,422328,428705,26473,477909,20246,38633,1655,3324,2178,14825,7054,382528,16776,84461,477897,7986,5574,477898,378344,402641,376537,122841,477890,23023,477906,477893,376443,391370,295305,477892,477889,477901,477917,377403,477908,378229,477916,54798,364611,28333],"class_list":["post-909853","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-s-spending-addiction","tag-s-remarks","tag-16-swallows","tag-16th-rate-rise","tag-342544","tag-4-6","tag-a-15-year-high","tag-a-blunt-six-word-social-media-post","tag-a-deeper-trend","tag-a-picture","tag-a-position","tag-a-single-bomb","tag-a-six-word-social-media-post","tag-a-summer","tag-afternoon","tag-albanese","tag-an-interest-rate-graph","tag-anthony-albanese","tag-au","tag-australia","tag-australia-governor-michele-bullock","tag-blunt-six-word-social-media-post","tag-blunt-six-word-summary","tag-business","tag-cent","tag-domestic-spending-and-investment","tag-domestic-spending-pressure","tag-earlier-this-year","tag-economic-management","tag-economic-record","tag-economic-track-record","tag-economy","tag-excess-demand","tag-former-prime-minister-scott-morrison","tag-government-spending","tag-interest","tag-interest-rates","tag-international-effects","tag-john-feder-news-corp-australia-rba-cash-rate-29092026-ms-bullock","tag-labor","tag-liberal","tag-morrison","tag-mr-morrison","tag-ms-bullock","tag-news24-com-au","tag-oil-prices","tag-one-swallow","tag-picture","tag-play","tag-pressure","tag-productivity","tag-rate","tag-rates","tag-rba","tag-recent-weeks","tag-reserve-bank","tag-scott-morrison","tag-shadow-treasurer-tim-wilson","tag-start","tag-tehran","tag-the-16th-rate-rise","tag-the-albanese-government","tag-the-cash-rate","tag-the-conflict","tag-the-economy","tag-the-february-3","tag-the-government","tag-the-interest-rate-rise","tag-the-latest-interest-rate-rise","tag-the-middle-east","tag-the-middle-east-conflict","tag-the-post","tag-the-primary-problem","tag-the-prime-ministerships","tag-the-proverb","tag-the-rate-rise","tag-the-rba","tag-the-reserve-bank-governor","tag-the-rest","tag-the-three-increases","tag-the-world","tag-this-year","tag-tuesday"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/909853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=909853"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/909853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/909854"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=909853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=909853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=909853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}