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The Guardian - AU

National

Peter Hannam Economics correspondent

Reserve Bank’s dovish interest rate rise gives Jim Chalmers more cause to grin than grimace

Jim Chalmers RBA Reserve Bank United States Brendan Rynne Philip Lowe Gareth Aird US Federal Reserve

Jim Chalmers — Treasurer Jim Chalmers said the UK was ‘a cautionary tale when it comes to dealing with the substantial turbulence brought about by high and rising prices’. Photograph: Mick Tsikas/AAP

Jim Chalmers likes to smile a lot and Tuesday’s surprisingly moderate interest rate move gave the treasurer extra cause to grin rather than grimace.

The novelty of only a 25 basis point rise by the Reserve Bank on Monday – when most investors had been betting on twice that – lifted the cash rate to 2.6%.

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