For quite some time, Australians have been anticipating the price hike announced by the Prime minister, Morrison.

Australia’s prime minister , Scott Morrison, speaks in response to the Reserve Bank of Australia's (RBA) higher than expected increase rates. He said that Australians are well prepared for the rate increases.

May 03, 2022 - 01:03 PM 244 views

For quite some time, Australians have been anticipating the price hike announced by the Prime Minister, Morrison.

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© For quite some time, Australians have been anticipating the price hike announced by the Prime Minister, Morrison.

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Australia’s prime minister, Scott Morrison, speaks in response to the Reserve Bank of Australia's (RBA) higher than expected increase rates. He said that Australians are well prepared for the rate increases. 

The prime minister commented only after the RBA increased the Official Cash Rate (OCR) for the very first time to 25 basis points (bps) from 0.35%, the opposite of the market expectations, which hiked the basis points to 15.

The prime minister, Morrison’s government, is willing to win the elections for the fourth time consecutively, which will be held on May 21. Despite the elections, the RBA has managed to prove its worth as an independent institution by delivering the price hikes before the elections.

The Market Reaction

At last time, the AUD/USD pair was trading at 0.7175, above by 1%, and awaiting Governor Philips Lowe’s press conference at 6 GMT.

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