RBA rate rises cost mortgage holders $317 monthly to combat inflation

Australia's central bank relies solely on interest rates to control inflation, costing a typical $700,000 mortgage holder an extra $317 monthly from three rate rises this year. Economist Saul Eslake notes that tax increases controlled inflation in the 1950s, reducing it from 23.9 percent to 1.6 percent, but triggered recession and unemployment spikes.

Summary by Glance · ABC News – Australia