It's going to be an interesting meeting by the Reserve Bank board next week.
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Australia's inflation rate has soared to 5.1 per cent, the highest level in 20 years. The consumer price index figures for the first quarter of 2022 show a 2.1 per cent increase, largely due to increased fuel costs from the Ukrainian war.
The Reserve Bank of Australia aims to keep inflation between 2 to 3 per cent, suggesting the long-awaited rise of interest rates - and accompanying rise in many mortgage repayments - is imminent.
Could it come next week, just before an election? The last time that happened was in 2007, just as the Coalition, under John Howard, was last swept from power. Even if it doesn't, many economists think it will at the June meeting, just after the May 21 poll.
Meanwhile, National's senator Matt Canavan has brought climate policy back to the forefront of the election, claiming the net zero by 2050 goals are "dead".
His Nationals colleagues have criticised him, including former deputy PM Michael McCormack who says Canavan needs to "pull his head in" and stop working against the goal.
The Prime Minister was in Rockhampton, Queensland, where of course he was asked about Canavan's comments. But somehow the answer was all about the Opposition instead - "The point that Matt makes which is important. You have reported on this today - and that's Labor's sneaky carbon tax".
ACM has also reported more pork barrelling by the government ahead of the election. Only one of 33 projects announced under the government's $150 million road upgrade plan has been awarded to a Labor-held seat, with flood and fire-damaged areas in the nation's southeast likely to suffer as a result.
The Minister for Regionalisation and Emergency Management and National Recovery and Resilience, Senator Bridget McKenzie was at the National Press Club today. McKenzie - who was sports minister during the so-called Sports Rorts affair in 2019 - says a federal anti-corruption watchdog can't service "political hit jobs".
Labor leader Anthony Albanese has spent his sixth day in quarantine after catching COVID-19 while on the campaign trail, but his team remain on the road.
Shadow treasurer Jim Chalmers unveiled Labor's economic plan in Albanese's absence, focusing on cracking down on multi-national tax avoidance. They hope this will deliver an almost $2 billion boost to the budget bottom line over the new four years.
And finally, Australia will send more military support to Ukraine to fight against the Russian invasion, including $26.7 million in heavy artillery weapons, ammunition and six howitzers following a request by the United States and the Ukrainian ambassador to Australia. This brings Australia's total contribution to $225 million.
THE NEWS YOU NEED TO KNOW:
- No news': PM dismisses Coalition climate division
- Housing, fuel price rises see CPI figures soar in first quarter
- A 'sneaky' carbon tax? The scare campaign Labor was never going to avoid
- Developing a culture of integrity in government goes beyond a commission
- First look: Mogo Wildlife Park celebrates birth of lion cub
- Newcastle Greens councillors 'stick to knitting'... literally
- Tasmania's close contact quarantine rules to be scrapped
- Fair Work Commission to hear aged care workers pay claim