Markets in 'absolute shock' over inflation numbers
Shadow Treasurer Angus Taylor says the markets are in “absolute shock” over the recent inflation numbers.
Australia’s inflation rate rose from 3.6 per cent to 4 per cent in May.
Markets are now predicting a 67 per cent chance of a rate hike in August.
“We have seen since that inflation announcement comes out, the markets and many leading economists say we’re looking down the barrel now of 12 months without an interest rate cut and a real prospect of higher interest rates,” Mr Taylor told Sky News Australia.
Markets in 'absolute shock' over inflation numbers
“The markets … are in absolute shock on this number.
“It could be spun by some however they like it, but you can’t spin this one.”