Inflation figures show there is no need for more rate rises


Falling inflation shows the Reserve Bank has no justification to again raise interest rates next week, Greens Economic Justice spokesperson Senator Nick McKim says.

“Today’s figures are the strongest indication yet that inflation has peaked.”

“For months the RBA has used the spectre of a wage-price spiral to justify repeated and unnecessary rate hikes,” Senator McKim said.

“That spectre has now been banished.”

“By the RBA’s own admission current high inflation was always a supply side problem.”

“Rate rises were never the right tool to tackle this bout of inflation.”

“And now that inflation is coming down, the rate rises must stop.”

“The RBA, aided and abetted by a do-nothing Labor Government, has inflicted massive pain on renters and mortgage holders with this unnecessary rate hike cycle.”

“Next week we will see if the RBA is finally prepared to act in the best interests of Australians instead of blindly following the rest of the world towards a recession.”