The Greens Party has called on the Australian government to stop the central bank from raising interest rates further.
On Feb. 7, the Reserve Bank of Australia (RBA) announced the ninth consecutive interest rate hike, taking the official cash rate to 3.35 percent from the previous 3.1 percent.
This marks the new record for Australia’s fastest and largest interest-rate hiking cycle.
Following the announcement, Greens Treasury spokesperson Senator Nick McKim criticised the RBA’s decision, saying the bank was failing to ensure Australians’ economic prosperity and welfare.
“The RBA is willing to smash Australia into a recession in pursuit of a policy that is only benefiting the already wealthy,” he said….