Politics with Michelle Grattan: Economist Chris Richardson on a likely interest rate rise and the fall in living standards

The International Monetary Fund (IMF) released a report this week calling on Australia to raise interest rates again, adding to the speculation the Reserve Bank will increase the cash rate on Tuesday.

If that happens it will be yet another blow to many household budgets, already under strain from the rises in the prices of food, fuel and power.

In this podcast, independent economist Chris Richardson joins The Conversation to discuss the expectations about a rate rise, “sticky” inflation, the fall in the standard of living, the difficulty of the government responding to the cost-of-living crisis, and a bleak prospect as we go into 2024, before we reach some light at the end of a long tunnel.