Minns warns expected RBA rate rise will see ‘shops close that don’t reopen’ as pressure mounts on PM

Frustration grows over the economy with one Labor MP saying voter anger is already high ahead of Reserve Bank of Australia decision

The NSW premier, Chris Minns, has warned an expected interest rate increase will force job losses and cause businesses to close, insisting the federal government and states should rein in spending to take pressure off the economy.

The intervention from the leader of the country’s biggest state will heap yet more pressure on the Albanese government ahead of the Reserve Bank of Australia’s cash rate decision on Tuesday.

Markets predict the bank will deliver the fifth rate rise in 2026. A move to 4.85% would bring rates to their highest level in 18 years.