New South Wales premier warns of business closures ahead of rate decision

The premier of New South Wales, Chris Minns, warned that an expected interest rate increase by the Reserve Bank of Australia will cause job losses and force businesses to close. According to reports from the Guardian and the Sydney Times, the warning comes ahead of the Reserve Bank of Australia cash rate decision scheduled for Tuesday. [1][2]

The Guardian reported that Chris Minns insisted the federal government and state governments should rein in spending to take pressure off the economy. The Sydney Times similarly reported that the premier preached fiscal restraint over pre-election spending splurges ahead of the decision. [1][2]

The intervention by Chris Minns increases pressure on the government of Prime Minister Anthony Albanese. According to the Guardian, financial markets predict that the central bank will raise rates, while an unnamed Labor Member of Parliament stated that voter anger over the economy is already high. [1]