{"id":951381,"date":"2026-11-03T18:58:13","date_gmt":"2026-11-03T18:58:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/951381\/"},"modified":"2026-11-03T18:58:13","modified_gmt":"2026-11-03T18:58:13","slug":"treasurer-jim-chalmers-must-genuinely-cut-spending-to-solve-inflation-problem","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/951381\/","title":{"rendered":"Treasurer Jim Chalmers must genuinely cut spending to solve inflation problem"},"content":{"rendered":"<p>After keeping interest rates lower than in comparable countries during the post-pandemic inflation surge, the Reserve Bank of Australia has raised the official cash rate for the fifth time this year to an 18-year high of 4.85 per cent.<\/p>\n<p>Governor Michele Bullock says that Tuesday\u2019s <a href=\"https:\/\/www.afr.com\/policy\/economy\/rba-raises-cash-rate-to-4-85pc-in-split-board-decision-20261103-p61avm\" rel=\"nofollow noopener\" target=\"_blank\">Melbourne Cup Day rate rise<\/a> will <a href=\"https:\/\/www.afr.com\/policy\/economy\/rba-s-ugly-outlook-spells-tough-times-for-australia-s-economy-20261103-p61ae4\" rel=\"nofollow noopener\" target=\"_blank\">feel like a recession<\/a> for many Australians, who will feel poorer from the inflation shock and low wage and productivity growth.<\/p>\n<p>Loading&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"After keeping interest rates lower than in comparable countries during the post-pandemic inflation surge, the Reserve Bank of&hellip;\n","protected":false},"author":2,"featured_media":951382,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164],"class_list":["post-951381","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/951381","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=951381"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/951381\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/951382"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=951381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=951381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=951381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}