Tom Elliott reacts to latest interest rate rise

Tom Elliott has urged the government to step in after the Reserve Bank of Australia raised the official cash rate by .25 basis points to 3.1 percent.

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It’s the highest the rate has been since 2012.

“One thing the government could do is stop the Reserve Bank from continually pushing up interest rates,” he said on 3AW Drive.

“I mean that is one of the biggest increases in the cost of living we’ve had, and yet they keep doing it, and doing it, and doing it.

“Now there’s no law written in heaven that says the government can’t tell the Reserve Bank what to do, in fact that’s exactly what governments until the mid 80s used to do.

“So why not do that.

“Stop pushing up interest rates and give households a chance to recover.”

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