CANBERRA, ACT, Sept. 29 -- The Treasurer of Australia issued the following media release:
Today the independent Reserve Bank increased the cash rate by 25 basis points.
The war in the Middle East is pushing up inflation and interest rates all around the world but that doesn't make it any easier for Australians.
Australian workers didn't choose this war, but they are paying a hefty price for it.
The war has been a disaster for the global economy.
The market is pricing in multiple rate rises in every major advanced economy.
While today's decision was widely expected and anticipated, that doesn't make it any easier.
As the RBA's statement made clear, the conflict in the Middle East is broadening and pushing up energy prices and inflatio...