Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Hansard source

I'm asked about international comparisons, and I can't do better than to quote Michele Bullock, the RBA governor, who said this on 6 August 2024:

We didn't go as high as the Fed. Our interest rates are lower I would observe than the Bank of England, the US Fed, Bank of New Zealand, all have interest rates up above 5%. Bank of Canada did too. We don't.

The peak headline hit on an annual basis at 7.8 per cent in Australia. That was before we came into government. It is now half. We have halved inflation from where it was in 2022. In the UK, it is 11.1 per cent; in New Zealand, 7.3; in Canada, 8.1; in the US, 9.9. The current cash rate here in Australia is 4.35 per cent. In the UK, it's five. In New Zealand, it's 5.25, and, in the United States, it is 5.5. The cash rate under the Leader of the Opposition as Assistant Treasurer was 6.75.

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