Rate rise by Reserve Bank ‘potentially on the cards’

Shadow Finance Minister Jane Hume says another rate rise is “potentially on the cards”. Hospitality businesses are failing at the fastest rate on record, with soaring food and energy costs, as well as a pullback in consumer spending, pushing cafes and businesses to the wall. “This is not a surprise,” Ms Hume told Sky News Australia. “My cost of living committee has been hearing from businesses for the last two years that it’s not just the cost of living that’s gone up, it’s the cost of doing business. “Particularly for those hospitality businesses, we’re now hearing that around one in 11 hospitality businesses face failure in the next 12 months.”