RBA hikes a third time, blames Iran, promises relief sometime after the next excuse

SMH · Shane Wright, Millie Muroi · Tuesday 5 May 2026

RBA hikes a third time, blames Iran, promises relief sometime after the next excuse

The Reserve Bank lifts rates again and tells Australians the Middle East has made them poorer — relief is officially six months and one war away.

Bullock's told us the war in Iran made us poorer and the cure is to make us poorer faster. Three rate rises and a shrug — the RBA's only lever is the family budget and they pull it like a bloke yanking the cord on a mower that won't start. Six months for relief, mate. Set your watch by the next excuse.

Also covered by

The Age