The Reserve Bank of Australia is not lifting interest rates “for the hell of it,” Assistant Treasurer Stephen Jones says. Mr Jones’ comments follow the decision by the nation’s central bank to lift the cash rate to 2.35 per cent on Tuesday, the fifth consecutive rate hike in the last five months. “It’s lifting interest rates because we’ve got a crisis with inflation,” Mr Jones told Sky News Australia. “We’ve got to bring it under control otherwise we will be facing prices doubling over the next year. “We need to ensure that we are bringing prices under control, government has got a role to play in that by not fanning inflation by loose fiscal policy.”
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