Albanese defends Caribbean summit trip as Australian mortgage costs rise

Anthony Albanese defended his Caribbean trip for the Commonwealth leaders’ summit as worthwhile, despite a fresh interest rate rise increasing mortgage costs for Australian homeowners. He said the meeting offered a chance to discuss shared issues with leaders including the UK’s Andy Burnham and Canada’s Mark Carney, away from US-China strategic competition.

The Reserve Bank raised rates by a quarter of a percentage point, its fifth increase this year, taking the cash rate to an 18-year high; industry modelling estimated homeowners would face hundreds of dollars in extra repayments. Albanese said the rise would not change plans for the government’s Mid-Year Economic and Fiscal Outlook, which he said would include a savings package, though details were limited. Opposition Leader Angus Taylor blamed domestic government policy for inflation and called for lower public spending; the summit produced no major policy announcements.