Anthony Albanese has snapped at camera crews documenting his Caribbean visit as Australian borrowers face another interest-rate rise and the Prime Minister prepares for a further round of overseas engagements.
“Stop, guys, stop,” Mr Albanese said as he walked away from travelling journalists after a media conference in Antigua and Barbuda on Friday.
The exchange came amid questions over whether social engagements at the Commonwealth Heads of Government Meeting had distracted him from official business, as scrutiny intensified over his international travel schedule.
The Reserve Bank of Australia raised its cash rate by 25 basis points on Tuesday, taking it to 4.85 per cent — its highest level in 18 years. It was the fifth increase this year, with the central bank citing persistent inflation, higher global energy costs and continuing capacity constraints.
Canstar modelling shows that some mortgage holders have seen repayments rise by more than the three percentage point serviceability buffer lenders were required to apply when assessing home loans.
A borrower who took out a $600,000 mortgage over 30 years five years ago would initially have paid $2,399 a month at an interest rate of 2.59 per cent. Following the latest rise, the monthly repayment is expected to reach $4,056 at a rate of 7.34 per cent.
That is an increase of $1,657 a month, or 69 per cent, compared with the original repayment.
Albanese defends overseas travel
Mr Albanese has defended his overseas programme, arguing that international engagements strengthen Australia’s economy and advance its national interests.
His schedule is due to become busier after his return from the Caribbean, with planned visits to Turkey for COP31, the Philippines for the East Asia Summit and China for the APEC leaders’ meeting.
He is also expected to attend the G20 summit in Miami, where he will meet US President Donald Trump. It will be their first meeting since a brief encounter on the sidelines of the United Nations General Assembly in New York in September.
The Coalition has argued that the Prime Minister should be concentrating more closely on economic pressures facing Australians at home.
Opposition Leader Angus Taylor told News24: “In any normal circumstances, the overseas trip that the Prime Minister has taken would be okay.”
“But in the current circumstances, he’s got an economy that’s not working for Australians and he’s not taking the actions necessary to fix it, and the reason is he’s in denial,” he said.
Shadow minister Dan Tehan also criticised Mr Albanese’s expected attendance at COP31, after Australia hosted a Pacific pre-COP event reportedly costing about $34 million. The Coalition claimed the gathering attracted limited participation from other world leaders.
“Why does Anthony Albanese need to go along and hold Chris Bowen’s hand? I mean, it’s going to be a talkfest,” Mr Tehan told News24.
“Someone needs to point out to him there’s a cost of living crisis here in Australia. We’ve just had the 17th interest rate rise.”
Mr Albanese said at the CHOGM event on Tuesday: “I’ve taken the opportunity to advance Australia’s national interests, which is why we engage with our interconnected world.”
“My government shows up to forums like this because it is in Australia’s national interests. One in four of Australian jobs relies upon trade,” he said.
