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The rate rise deepens the cost-of-living crisis for working-class households and intensifies the pressure of the financial markets on the Albanese government to further slash social spending.
Australia’s biggest banks have moved in lockstep after the Reserve Bank lifted the cash rate to its highest point since 2011 – in a “brutal” move for mortgage holders.
While the bank believes the RBA is done it all hangs on the next lot of inflation data released late this month, Mr Comyn said, as he talked productivity, AI and housing with the ABC's Alan Kohler.