Daniel Andrews blames Victoria’s huge pandemic debt on RBA interest rates advice

Victorian premier says interest rates are ‘smashing families’ despite 2020 advice to national cabinet that ‘interest rates won’t be going up’

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The Victorian premier has blamed advice provided to national cabinet by the Reserve Bank governor, Phillip Lowe, for the huge borrowings undertaken by the government during the pandemic.

Ahead of a state budget that’s expected to slash spending across several portfolios, Daniel Andrews criticised the bank’s decision to raise interest rates for the 11th time in a year as “smashing families” and “causing real pain”.

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