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Major banks react after interest rate hike; NSW teachers strike begins; Putin may officially declare war on Ukraine; NSW records 11,939 new cases, 21 deaths; 10,779 new cases in Victoria, 11 deaths


Treasurer Josh Frydenberg has today insisted the rise in interest rates has not dented the Coalition’s election prospects and the underlying factors in the economy remain strong.

Mr Frydenberg told Today this morning the Reserve Bank was bringing Australia into line with other countries after it raised interest rates for the first 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 said.

Mr Frydenberg insisted the rates rise – the first in a federal election campaign since 2007 – had not impacted the Coalition’s pitch to voters as being sound economic managers.

He said the Australian economy was being buffeted by major international issues such as the Ukraine war.

“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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