Minister blames global woes for Australia’s soaring interest rates

Assistant Minister Andrew Charlton attempted to deflect blame for Australia’s rising interest rates, citing post-COVID inflation and years of low productivity growth as the main causes.

“It’s true that Australians are experiencing rising prices and rising interest rates, and Australians are entitled to ask why,” Mr Charlton told News24 Political Editor Andrew Clennell.

“The answer is that every country around the world is facing two big economic challenges.

“Challenge one is inflation in the aftermath of COVID, and challenge two is a decade of low productivity growth.”