‘It is a dumb decision’: Tom Elliott’s reaction to November interest rate rise

Tom Elliott has reacted to the latest interest rate rise, labelling the Reserve Bank’s call to raise the cash rate by 0.25 per cent as “dumb”.

Interest rates now sit at 4.35 per cent after Tuesday afternoon’s decision, marking the 13th rise since May last year.

“It is a dumb decision because it is not going to defeat inflation,” he said on 3AW Drive.

Click PLAY to hear Tom’s full reaction to the Melbourne Cup day rate rise