Mike's Minute: The OCR rise clearly shows our economy is failing

Best of Business · Apr 5, 2023 · 2m

So here's the first realisation that we face out of the Reserve Bank's 50 basis point rise - it was 50 points.

It proves, yet again, no one seems to really have a handle on what's going on.

Secondly, and most worryingly, is it was 50 points.

While Australia sees no need to move at all, we are still in the large end of the spectrum.

The Americans moved by 25 points, but we moved by 50 because of the size of our hole.

And with the cash rate at 5.25% it is surely more than fair to suggest that the top out at 5.5% is real and the banks suggesting that 5.25% was it finished, are wrong.

It's also…