Major banks react after rate of interest hike; NSW lecturers strike begins; Putin could formally declare battle on Ukraine; NSW information 11,939 new circumstances, 21 deaths; 10,779 new circumstances in Victoria, 11 deaths

Treasurer Josh Frydenberg has at this time insisted the rise in rates of interest has not dented the Coalition’s election prospects and the underlying components within the financial system stay robust.

Mr Frydenberg informed Today this morning the Reserve Bank was bringing Australia into line with different international locations after it raised rates of interest for the primary time in 11 years to 0.35 per cent.

“What the Reserve Bank made very clear is that they’re normalising monetary policy as we are coming out of the worst of the pandemic. You have seen other central banks around the rest of the world take similar steps,” he stated.

Mr Frydenberg insisted the charges rise – the primary in a federal election marketing campaign since 2007 – had not impacted the Coalition’s pitch to voters as being sound financial managers.

He stated the Australian financial system was being buffeted by main worldwide points such because the Ukraine battle.

“If you just look at the headline numbers, what they’re producing is a stronger recovering here in Australia compared to the rest of the world … So we are managing the economy in very difficult circumstances.”

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