The Summary: The Reserve Bank of Australia has delivered its fifth interest rate increase this year, pushing the cash rate to an 18-year high of 4.85 per cent and placing immense strain on household budgets nationwide.

On this episode of The Summary, host Josh Bryant investigates whether there is an end in sight to these hikes and asks whether we need a new approach to tackling inflation. AMP Chief Economist Shane Oliver breaks down the likelihood of a looming recession, the uneven burden on mortgage holders compared to higher-income earners, and why some are questioning if the RBA is relying too heavily on its single rate-hiking lever. Then, Federal Politics Editor Michael Pachi joins to explore the political fallout, examining how the latest rise is increasing the pressure on a government struggling to sell its message, the reaction to Prime Minister Anthony Albanese’s travel during the decision, and whether it’s time to find other ways to turn the economy around.

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