ACOSS is urging the Reserve Bank to not to raise rates again as annual inflation continues to moderate, falling from 7% to 6%.
“Slowing inflation adds weight to our call for the RBA to continue pausing future rate increases, particularly given concerns around increasing unemployment if rates continue to rise,” ACOSS Acting CEO Edwina MacDonald said.
“The RBA’s forecast rise in unemployment to 4.5% by July 2025 would equate to 150,000 people losing work. Throwing people out of work is a terrible way to tackle inflation.
“Increasing rents is one of the biggest drivers of inflation. Governments should intervene directly to bring rental inflation under control through the regulation of rents,” Ms MacDonald said.
“The federal government must also confront the longstanding neglect of people who have the least, and deliver adequate increases to income support payments and investment in care services.”