Jim Chalmers blames likely interest rate rise on Middle East war

By Michelle Grattan, Professorial Fellow, University of Canberra

Treasurer Jim Chalmers has prepared the way for Tuesday’s expected interest rate rise by pointing to the inflationary pressures from the ongoing Middle East conflict.

Chalmers said Monday that while he wasn’t going to predict the decision of the independent Reserve Bank, there was a near-universal expectation by economists and markets that rates are going up around the world and potentially in Australia, too.

“We will see much more pressure on inflation from developments in the Middle East in particular,” he said.

“Across the major advanced economies, there…

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