NSW families and small businesses have been dealt another devastating blow following the Reserve Bank\u2019s decision to lift the cash rate by a further 25 basis points to 4.10%, the second consecutive rate rise this year, and the 5th rise since the Minns Labor Government came to power.
This interest rate rise did not come out of nowhere and is the direct consequence of Labor\u2019s inflation crisis that continues to tighten its grip on household budgets across the state.
The figures tell a damning story of Chris Minns and Labor\u2019s economic failure in NSW:
NSW inflation is at 3.9%, higher than the national rate of 3.8%
Electricity costs are up 30.8% and utilities are up 25.7%
State taxes up 30% under the Minns Labor Government
6,200 NSW businesses collapsing into insolvency in 2025
The slowest economic growth in the nation at 0.9%
NSW Liberal Leader, Kellie Sloane, said yesterday\u2019s second consecutive rate rise for 2026 will be devastating for families already stretched to breaking point.<\/p>\n\n\n\n
\u201cThis is another brutal announcement for NSW families who are already at breaking point, making the impossible choices between paying bills, buying essentials, and making mortgage repayments\u201d Ms Sloane said.
\u201cNSW families were promised life would be easier under Labor, but the reality is that they costs are up, our state\u2019s economy is slowest economic growth in the nation, and now a second straight rate rise this year.\u201d
Shadow Treasurer Scott Farlow said Labor had no one to blame but itself for the economic pain now being felt by families and businesses across NSW.
\u201cThis rate rise is a consequence of bad economic decisions, and NSW families are paying the price,\u201d Mr Farlow said.
\u201cA family with a $500,000 mortgage now must find $1000 this year to cover this rate rise, let alone the previous rise.\u201d
\u201c”The sad reality is that NSW families are being punished for Labor\u2019s economic mismanagement, and with global instability now added to the mix, things are sadly only set to get worse. This is Labor\u2019s economic legacy and NSW families deserve better.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
NSW families and small businesses have been dealt another devastating blow following the Reserve Bank\u2019s decision to lift the cash rate by a further 25 basis points to 4.10%, the second consecutive rate rise this year, and the 5th rise since the Minns Labor Government came to power. This interest rate rise did not come out … Continue reading “Labor\u2019s inflation crisis hits families and businesses hard as interest rates rise again”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-38000","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/38000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=38000"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/38000\/revisions"}],"predecessor-version":[{"id":38001,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/38000\/revisions\/38001"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=38000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=38000"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=38000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}