Jim Chalmer's budget falls 'at the first hurdle’ amid likely interest rate hikes

Shadow Home Affairs Minister James Paterson says Jim Chalmer’s federal budget has fallen “at the first hurdle” with the Reserve Bank likely to raise interest rates. Mr Paterson’s comments are off the back of GDP growth falling to just 0.1 per cent in the March quarter. “It hasn’t even received the ticket of approval from the Reserve Bank Governor who is going to completely disregard it when setting interest rates, and could increase interest rates,” Mr Paterson told Sky News Australia. “We know for sure that interest rates are going to be higher than they otherwise would be because of this budget.”