Government spending blamed for mortgage pain

7News Just In · Oct 1, 2026 · 5m

NSW Premier Chris Minns has joined calls for governments to reduce spending to combat inflation, as interest rates reach a 15-year high. Mortgage holders are struggling with rising repayments while economists argue government deficits of $30 billion annually are draining economic resources and forcing the Reserve Bank to raise rates higher. Dr Christian Baylis argues governments should run surpluses and redirect spending from low-productivity areas to infrastructure projects that boost supply-side productivity.

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