Interest rates rise as cost of living pressures mount

The Reserve Bank of Australia has announced its second interest rate hike of the year, lifting the official rate to 4.1% in a split decision. The increase will add approximately $2,800 annually to the average Australian mortgage. Treasurer Jim Chalmers defends the government's economic management, citing budget surpluses and $114 billion in savings, while acknowledging ongoing inflation challenges and pressures on household budgets.

See omnystudio.com/listener for privacy information.