17 March 2026, Brighton East

E&OE

Well today is a devastating day for Australian households with the Reserve Bank being forced to increase interest rates from 3.85% to 4.1%. This interest rate hike means that Australian households will be incurring more than $27,600 each year in more repayments. For households that are already struggling under rising supermarket prices, rising petrol prices. This is a devastating blow for people who are already struggling to make ends meet.

In response to those announcements from the Reserve Bank having their hand forced, what we need from the Government and from Jim Chalmers particularly is some humility and acknowledgement of the responsibility the Government has in causing this inflation crisis and increasing interest rates. What we've heard from the Treasurer today at his press conference is that he is in a complete state of denial of the contribution that the Federal Government is having to the increase in interest rates.

They continue to pour debt petrol on the inflation fire. There is denial about the contribution the Federal government is making. There's a denial about the $100 billion more that Treasury estimates have outlined as being spent by the Commonwealth. There's a denial about the fact the Reserve Bank has called out that this is because of inflation pressure, material inflation pressure from the last quarter of 2025.

It's clear that the government is seeking to avoid the responsibility they have. It is clear that the government is ignoring the spending that it is contributing to inflation. It's clear that the government is denying their contribution towards the household pressure that they're putting Australians under. Australians need a government that is straightforward and honest about the pressure they're placing up on interest rates through debt spending which is causing inflation. And even more devastating, the only response the Albanese government seems to have in the face of increase in market prices, increased petrol prices and increased interest rates is to see whether they can add more taxes on Australian households who are already struggling to make ends meet in the forthcoming budget.

Today is a day where the chickens come home to roost, the Emperor is naked and the Emperor's name is the Treasurer Jim Chalmers. For so long he has been engaging in a form of denial about his contribution towards interest rate rises. The Emperor is naked and it's time when these moments, the full consequences are experienced but while he might be experiencing the political pressure, Australians are experiencing the household savings and spending pressure every time they go to the supermarket because the government won't take responsibility, they won't rein in the spending, particularly the debt spending and that's why Australian households are going to feel the pinch today and many days into the future.