03/11/2026
Today’s rate hike to 4.85% is the last thing that people already struggling need.
📈 Higher interest rates create unemployment by design. The RBA's decision will lock people out of jobs for years and force them to rely on grossly inadequate income support payments.
Cutting public spending won’t help either. Cuts just shift the pain onto the people who can least afford it.
Well targeted public spending – including investment in health and other essential services to reduce out-of-pocket costs – can actually reduce inflation.
📢 ACOSS is calling on the government to:
- Slow rent increases and reduce out-of-pocket medical costs
- Reduce energy costs by taking solar subsidies off energy bills, establish a domestic gas reserve and implement a 25% tax on gas exports
- Delay or cancel next year’s tax cuts and target cost of living support to people on the lowest incomes though the income support system.
📄 Read more: https://www.acoss.org.au/media-releases-3/?media_release=acoss-urges-against-another-rate-rise-calls-for-bold-fair-government-action-to-fight-inflation-at-its-source