Minns warns rate rise will shut shops and cost jobs
NSW Premier Chris Minns warned that an expected RBA rate increase will force permanent job losses and force businesses to close.
The Reserve Bank is tipped to raise the cash rate on Tuesday for the fifth time in 2026. NSW Premier Chris Minns is now publicly warning this will cause major damage: jobs lost permanently and shops forced to close.
He's pressing the federal government and states to rein in spending to ease pressure on the economy. The rate would climb to 4.85%, the highest in 18 years.
Treasurer Jim Chalmers and Prime Minister Anthony Albanese have said a December budget update will include a savings package. One Labor MP privately admitted voter anger was already high about the cost of living.
Union leaders and welfare groups are also pushing back, saying workers are already struggling.
- 4.85%
- Expected rate
- 18 years
- Highest rate in
- 5 increases
- Rate rises in 2026
- Nearly 8% in late 2022
- Inflation peak
Why it mattersIf rates rise again, mortgage payments climb further for millions of Australians, and small businesses face tougher conditions.
AustraliaHigher interest rates will hit Australian households directly through mortgages and rent. Small businesses could face closure if borrowing becomes even more expensive.
✓ Claims checked against the source. checked 2 h ago
