‘Interest rate pain will pile up’: Expert warns Australians of dire consequences to Labors spending

Sky News Business Editor Ross Greenwood blasts Labor’s spending spree, warning mounting debt and Reserve Bank pressure will deepen Australia’s economic pain.

“The government, in a tight time, when the Reserve Bank is urging restraint from the government, is this year increasing its spending by 5.4 per cent,” Mr Greenwood told Sky News host Peta Credlin.

“A genuine government doing hard lifting would have cut the budget in real terms. They would have found more government spending to cut.

“The reality is if they [savings] don’t emerge, then the debts pile up, the pressure on the reserve bank piles up, interest rate pains pile up, and really that sort of ability for the Australian economy to grow is lessened because of all this.”