RBA chief Philip Lowe has urged people not to be concerned about continued interest rate rises, saying it is just a temporary measure that will come to a close once everyone is living in a tent.
Explaining the latest rate rise today, Lowe said he was confident the end was in sight. “A lot of people seem to be anxious about this. But I do want to reassure Australians that as soon as we’re in a proper recession and people are pushed into financial ruin, these rate rises will end and they won’t have to worry any more”.
He said there were probably one or two final rate rises around the corner. “One or two more and until unemployment levels spike and we can get back to enjoying life without having to worry about any more rate rises. Job done!”