Australia news live: Bullock says interest rates will be hiked again ‘if that’s what’s needed’; Chandler-Mather proposes ‘radical idea’ for Greens to recreate Mamdani energy

The Reserve Bank of Australia's Governor, Philip Lowe, has hinted that interest rates may rise again if necessary. This means that Australians may face higher borrowing costs, affecting their ability to buy homes, cars, and other big-ticket items. The potential rate hike is significant for the economy, as it can impact consumer spending and business investment.

Why it matters

The central bank is signalling a potential rate hike to control inflation. This could lead to higher borrowing costs and impact the economy.

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