Interest rate hammer crashes on Albanese government

Friday 8 November 2024

It was a bad week for the Albanese government, which is facing an uphill re-election battle.

First, the Reserve Bank of Australia (RBA) hosed any hopes of interest rate cuts in the near term because “underlying inflation remains too high”.

Second, the United States election delivered a stomping victory for Donald Trump. And with it, financial markets shifted their forecasts for the first RBA rate cut to after the federal election:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.