The Australian assistant treasurer has flagged further stress for household budgets following a spike in U.S. interest rates.
The U.S. Federal Reserve announced a 0.75 percentage point increase in official rates to a target range of three to 3.25 per cent, the highest levels in almost 15 years.
It comes off the back of higher-than-anticipated inflation figures, which have sent shockwaves through share markets,
Assistant Treasurer Stephen Jones says Australia’s economy isn’t immune to international pressures, including from the U.S.
Supply chain constraints from continued lockdowns in China and the war in Ukraine pushing up energy and commodity prices are also fuelling inflation and putting pressure on household budgets in Australia….