The cash rate this week hit its highest point since 2011. It was the Reserve Bank’s fourth interest rate increase of the year.

The government has blamed the ongoing Middle East conflict for fuelling inflation and higher rates, while the Opposition is putting primary blame on government spending.

To discuss Australia’s economic woes and what the Opposition says should be done better, as well as other issues including AI and migration, we were joined on the podcast by the shadow treasurer, Tim Wilson.

On the impact of the US-Iran war on interest rates, Wilson says inflation was rising before the war:

We had an interest rate rise on the third of February this year, which was before the first bomb was even dropped on Tehran. We had three interest rate rises this year till yesterday, where we got our fourth. And we haven’t seen the equivalent behaviour in other developed economies throughout the year on increasing interest rate rises until now.

We had an interest rate rise on the third of February this year, which was before the first bomb was even dropped on Tehran. We had three interest rate rises this year till yesterday, where we got our fourth. And we haven’t seen the equivalent behaviour in other developed economies throughout the year on increasing interest rate rises until now.

(The podcast was recorded shortly before the release of figures showing inflation at 4% in the year to........

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