Three more rate rises expected amid Middle East crisis
Reserve Bank Governor Michele Bullock warns that interest rate rises are likely in September, with potentially three more increases ahead as mortgage rates approach 6.25%. The Middle East conflict's impact on oil prices above US$100 per barrel, combined with the AI technology boom, are driving inflationary pressures in the Australian economy. Treasurer Jim Chalmers describes the economic impact of the Iran situation as a disaster, while Prime Minister Anthony Albanese departs for the United States to meet with Apple's Tim Cook and address the UN General Assembly on technology regulation and…
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