Live: Taylor blames 'home-grown inflation' for 15-year-high rate hike

live Federal politics live: Taylor blames 'home-grown inflation' for 15-year-high rate hike Opposition Leader Angus Taylor has blamed "home-grown inflation" for the Reserve Bank's interest rate hike on Tuesday. Follow all the updates in our live blog. Submit a comment or question Live updates New: Filters Choose what information you see below by using filters Key Event Housing minister says Australia's economic position stronger than other economies Housing Minister Clare O'Neil says Australia's economic position is better than most other advanced economies despite yesterday's rate hike. The Reserve Bank of Australia increased interest rates by 25 basis points to a 15-year high of 4.6 per cent on Tuesday. The bank's governor, Michele Bullock,said inflation had been "driven by domestic capacity pressures" and that the Middle East oil shock came "in addition to this". While acknowledging the interest rate hike will have an impact on family budgets, O'Neil tells Channel Seven that interest rates are only part of the picture. "We've got to take the whole picture into account here. I mean, Canada's got lower interest rates than Australia. They've also got an unemployment rate of 7 per cent, and we've got a lot of economic issues facing our country," O'Neil says. "I would never downplay them. But I will also tell your viewers at home, I would prefer to be Australia than any other country in the world." Nationals senator Bridget McKenzie, who has appeared on the panel with O'Neil, wouldn't say where the opposition would cut. Pressed again on that question, McKenzie says money going to renewable energy companies, green hydrogen projects and the Melbourne suburban rail loop would be in the Coalition's sights. Key Event Opposition leader blames 'home-grown inflation' for interest rate rise Angus Taylor has stepped up on morning television (on his birthday!!) to speak about the RBA's decision to hike interest rates to a 15-year high. The Reserve Bank raised interest rates by 25 basis points to 4.6 per cent on Tuesday. The bank's governor, Michele Bullock, said Australia's inflation challenge was broader than the impact of the Middle East war. She said inflation had been "driven by domestic capacity pressures" and that the oil shock came "in addition to this". Speaking to ABC News Breakfast, the opposition leader says the government isn't in control of inflation and interest rates. Taylor says the government is spending too much money on the transition to renewable energy, "housing bureaucracy" and "corporate welfare". He's called on the federal government to ensure that all spending is offset by savings in the budget. "This has been home-grown inflation. We have the highest interest rates now of any developed country outside of Iceland. So we are seeing very specific factors here for Australia," Taylor says. Good morning 👋 Hello and welcome to our federal politics live blog! It's great to have you join us early this Wednesday morning. I'm Josh Boscaini joining you live from Parliament House in Canberra, here and ready to bring you all of today's federal politics news. There's a few things happening in the world of politics today. First up, we'll likely hear reaction to the RBA's decision to hike interest rates. The Greens are also meeting today and tomorrow where they'll decide who leads the party after Larissa Waters stepped down from the role. Let's get this blog on the road and see where it takes us! Loading