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Matt Canavan, leader of the Nationals, warns that an expected interest rate hike by the Reserve Bank of Australia could financially strain many families further and characterizes it as "the straw that breaks the camel's back." He attributes rising inflation, a key factor in the decision to raise rates to their highest level in about 15 years, to government spending. Shadow Treasurer Tim Wilson echoes concerns, arguing against rising unemployment as the sole solution to curbing inflation and criticizes current government expenditures for exacerbating economic pressures.
Written locally by qwen2.5:14b on 2026-09-28,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Matt Canavan, shadow treasurer for the Nationals, warned on ABC News Breakfast that another interest rate hike could be "the straw that breaks the camel's back" for families struggling with inflation. The Reserve Bank of Australia is expected to increase rates today, which would elevate the cash rate to its highest point in 15 years. Tim Wilson, also a shadow treasurer, accused both federal and state governments of driving up inflation through excessive spending on programs like the NDIS, home aged care packages, and childcare. He emphasized the need for more fiscal responsibility and called for a focus on taxpayer value rather than wasteful expenditures that fuel inflation.
Written for “Interest Rates Hike Discussion” on 2026-10-05,
grounded in this article and the 0 other(s) covering the same event.
Canavan says rate hike could be 'straw that breaks the camel's back'
uncertain
that → say → back
Matt Canavan says a further interest rate hike could be the "straw that breaks the camel's back" for families, blaming government spending for inflation.
Follow all the updates in our live blog.
Submit a comment or question
Live updates
uncertain
that → say → updates
Wilson says rising unemployment not the 'sole solution' to curbing inflation
Shadow Treasurer Tim Wilson says he doesn't think unemployment rising above 5 per cent is the "sole solution" to fixing inflation.
The Reserve Bank of Australia is expected to increase interest rates today, which could bring it to the highest cash rate in 15 years.
uncertain
which → say → years
Wilson has accused state and federal governments of forcing the Reserve Bank's hand with inflationary spending.
asserted
Wilson → accuse → spending
The shadow treasurer has told ABC News Breakfast if he were in government he would pare back "honeypots" such as the NDIS, home aged care packages and child care.
"We need to focus on value for taxpayers' money.
asserted
We → tell → money
It's not that honest taxpayers' money is going to dishonest means, it's also stoking inflation," Wilson says.
asserted
Wilson → go → inflation
"This government has continually engaged in denial about the problems of their spending and how it is putting upward pressure on interest rates.
asserted
it → engage → rates
The Reserve Bank has consistently said that this is a problem.
asserted
this → say → ?
Now, we need action from the government."
Canavan blames government spending ahead of expected rate hike
Nationals leader Matt Canavan says today's expected interest hike could be the "straw that breaks the camel's back" for many families.
The Reserve Bank of Australia will hand down its interest rate decision today, and it's widely tipped to hike the cash rate.
uncertain
it → need → rate
Speaking to News24, Canavan has blamed government spending for fueling inflation, which is one of the reasons keeping interest rates high.
asserted
which → speak → rates
"The problem we have as Australians right now is we have a government that cannot admit its problems.
asserted
that → have → problems
If you can't admit there is a problem, how can you fix it?" Canavan says.
asserted
Canavan → admit → it
It's great to have you join us early on a Tuesday morning.
asserted
you → have → morning
I'm Josh Boscaini live from Parliament House in Canberra, here and ready to bring you all of today's federal politics news.
asserted
I → bring → news
The Reserve Bank will hand down its interest rate decision today, and it's widely expected they will hike rates.
asserted
they → hand → rates
If the central bank decides to increase rates by 25 basis points, it will bring the cash rate to the highest in about 15 years.
asserted
it → decide → years
In other news, Greens leader Larissa Waters has announced she'll be stepping down from the party's leadership due to a kidney condition.
asserted
she → announce → condition
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