Philip Lowe forced to defend RBA rate rise after Chalmers' comments

RBA Governor Philip Lowe has had to defend the central bank's latest interest rate hike after the Treasurer recently said Australians wouldn't be able to cop the increase, says Sky News Political Editor Andrew Clennell. “Treasurer Jim Chalmers said yesterday Australians wouldn't be able to cop or understand the latest increase,” Mr Clennell said. Mr Lowe used his speech at the Morgan Stanley summit on Wednesday to double down on the decision, explaining cost of living would be “higher for even longer” without the RBA’s latest interest rate rise.