NSW Premier warns rate hikes will cause job losses, pressuring federal government

Chris Minns, the Premier of New South Wales, warned that an expected interest rate increase would force job losses and cause businesses to close. He insisted that both federal and state governments should reduce spending to ease economic pressure. This warning comes ahead of the Reserve Bank of Australia’s cash rate decision, which markets predict could be the fifth rate rise in 2026.

Minns stated the impact of another rate rise on the New South Wales economy would be massive. This intervention adds pressure on the federal government regarding national economic management. Separately, Anthony Albanese and Jim Chalmers confirmed that a savings package will be included in next month’s mid-year budget update.