00:02This decision to hike rates again, along with a new bleaker outlook for the next year, piles
00:08more pressure on the government. The Reserve Bank isn't forecasting a recession, but warns
00:13it will feel like one. Inflation will remain higher for longer. People will be poorer as
00:19a result. Now that's a recipe for voters remaining frustrated and looking for someone to blame
00:25in the year leading up to the next election. The global oil price and the data centre investment
00:30boom may be the big drivers of inflation, but Jim Chalmers knows many voters are holding
00:35him responsible. When it comes to government spending, the Reserve Bank says the rate of
00:40growth has eased this year. It's been weaker than expected, but it will bounce back next
00:46year. Labor is trying to find more savings, but don't expect any slash and burn. It doesn't
00:53think its spending is the main problem and has little appetite for adding to the pain
00:58of voters already being squeezed.
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