The Reserve Bank of Australia has raised interest rates for the 5th time in 2026, delivering another blow to Australian households already struggling with the cost of living.

On 3 November, the RBA increased the official cash rate by 0.25 percentage points to 4.85 per cent – its highest level since 2008.

This is the 17th interest rate increase under the Albanese Government.

For families with mortgages, the latest increase means higher repayments and even more financial pressure.

The Albanese Government must take responsibility for its reckless spending which is fuelling inflation and driving up interest rates.

Meanwhile, government spending and national debt continue to climb. The 2026–27 Federal Budget forecasts:

· $31.5 billion deficit in 2026–27.

· $1.051 trillion in gross government debt in 2026–27.

· $42.3 billion in annual gross interest payments on government debt by 2029–30.

These figures represent an enormous burden for taxpayers, with more money being wasted on interest payments instead of funding essential services and other priorities.

Future generations will also inherit the consequences of today's spending decisions.

Australian families are expected to live within their means. It is time the Government demonstrated the same financial discipline.

Tell Jim Chalmers to rein in spending, restore fiscal discipline, and put Australian families first.

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