Hon. Dr Jim Chalmers MP - Press Conference
3 November 2026
Contents updated on 3 Nov 2026
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Press Conferences Parliament of Australia
11:01 - 11:10
Speaker 1
How's everyone? Okay, let us know when you're good. Are we good? Yep, Cam? In Shane's absence?
11:10 - 12:44
Speaker 2
Good to go, okay. Today, the Reserve Bank increased the cash rate by 25 basis points to 4. 4.85%. Today's decision was widely expected, but that doesn't make it any easier for Australian families and businesses to absorb.
It will be difficult news for many Australians who are already paying a hefty price for circumstances outside of their control. Australians are already struggling and this will stretch their budgets even further. I think especially when you consider that the full impacts of the previous rate rises from earlier this year haven't been fully felt yet and they will slow our economy further when they are. Today's decision was widely anticipated, but it was not unanimous. This is unsurprising given the considerable uncertainty in the outlook and risks in both directions.
Now, the Middle East is a big factor in the uptick in inflation. It's the primary driver of that uptick in inflation, but it's not the only driver. The war in the Middle East is pushing up inflation and interest rates around the world and markets are expecting interest rate rises now in every major advanced economy. The war's in its ninth month and its re-escalation is putting sustained upward pressure on inflation. It's weighing on growth and its end can't come soon enough for the global economy or for Australians facing cost-of-living pressures.
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