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The Guardian - AU
The Guardian - AU
National
Peter Hannam Economics correspondent

Struggling Australians can cut back spending or work more to get into ‘positive cash flow’, Philip Lowe says

Philip Lowe Inflation Interest Rates RBA Reserve Bank Reserve Bank of Australia
Reserve Bank of Australia governor Philip Lowe
Reserve Bank of Australia governor Philip Lowe says financial pressure on households is ‘not a reason’ to avoid lifting interest rates further. Photograph: Dan Himbrechts/AAP

Philip Lowe has said struggling Australians can cut back spending or pick up more work to reduce financial stress after the Reserve Bank of Australia raised interest rates for the 12th time in just over a year.

The RBA governor also warned against the idea that all workers should be compensated for inflation, saying “we have to make sure that higher inflation doesn’t translate into higher wages for everybody”.

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