The passing of Queen Elizabeth II has been a shock to the world. Australia is particularly close to the royal family, and many organisations today will be flying their flags at half-mast as a sign of respect. The Reserve Bank of Australia however, has taken quite a different approach.
“It was the right thing to do,” claimed a RBA board member.
“Out of respect for the Queen, we will be raising interest rates by half a percent, rather than the planned full percent. We know times are tough, and we’d really like to keep increasing the rate by at least 1%, but it’s customary during these times of mourning to raise it by only half a percent,” he continued.
The RBA has stated that this small increase is only a temporary measure, and that next interest rate rise will be significantly higher.
The Riverlanderer will update as this story develops.