Pass the interest rate parcel

As inflation rose in 2023, the Reserve Bank of Australia (RBA) wrapped up layer after layer of interest rate rises, and then passed the parcel to banks, who passed it on to mortgage-holders and, indirectly, renters. With cost-of-living pressures increasing, many Australians wondered when they might get a break from receiving yet another unwelcome prize.

After hiking rates by four percentage points, RBA Governor Philip Lowe (portrayed by some cartoonists as the least popular kid at the party) was succeeded as head of the RBA by Michele Bullock, the first woman to hold the post.