Government faces pressure on spending cuts amid rate rise
Australian mortgage holders face the highest interest rates in 18 years, with the Albanese government under pressure to deliver spending cuts before Christmas. The big four banks predict yesterday's rate hike will be the last, with cuts potentially beginning by August next year according to CommBank, NAB and Westpac, while ANZ expects November. RBA Governor Michelle Bullock acknowledges that while a recession is not forecasted, the economic conditions will feel like one, as existing government savings measures remain blocked by the Greens and Coalition in the Senate.
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