View from The Hill: Australians don’t need to be told high interest rates are ‘smashing’ the economy, but is there an alternative?

Treasurer Jim Chalmers mightn’t have expected his weekend comment – made ahead of expected low growth figures later this week – that interest rate rises were “smashing” the Australian economy to set off the reaction it has. After all, it’s been something of a Chalmers mantra.

In June he said rate rises were “hammering the economy”. On another occasion that month he said higher rates were “hammering consumption”. At the start of July, he said discretionary spending had been “absolutely hammered by higher interest rates”.

“The Treasurer’s comments were nothing new,” Prime Minister Anthony Albanese said, fending off questions at a Monday Perth news conference.