Senate debates
Tuesday, 7 November 2023
Questions without Notice
Interest Rates
2:57 pm
Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Hansard source
I thank Senator Hume. Of course, the independent Reserve Bank board has today raised interest rates, regrettably, by 25 basis points, taking the official cash rate to 4.35 per cent. Of course, we understand that today's decision will hit Australians hard. The price pressures that we face are coming at us from around the world, but they're hitting the hip pockets of ordinary Australians the hardest. That's why our highest priority is rolling out the $23 billion in cost-of-living relief.
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