RBA's Sledgehammer Raises Questions About Inequality

The Reserve Bank of Australia (RBA) recently raised interest rates to 4.6 percent, the highest level in 15 years.

This move aims to cool down the economy, but experts warn that it will not be felt evenly among all groups.

According to recent home buyers, they will face the greatest hurt from this decision, as higher interest rates will increase their mortgage payments and make owning a home more expensive.

Michael Pascoe of Michael West Media described the RBA's move as a 'sledgehammer with a nail in it', implying that the pain is being felt by those who can least afford it.

Pascoe also stated that the RBA's incompetence is making the rich richer, suggesting that this policy decision favors those who are already financially stable at the expense of those who are struggling to make ends meet.