PM in Caribbean as Australian interest rates set to rise again

Summarised from 2 outlets · Updated 1 Nov, 17:02 · Archive

Australia faces another interest rate increase as Prime Minister Anthony Albanese attends a Commonwealth meeting in the Caribbean.

Prime Minister Anthony Albanese is attending the Commonwealth Heads of Government Meeting in Antigua and Barbuda, where he is holding talks with King Charles and other world leaders. His week abroad coincides with an anticipated fifth cash rate hike for 2026 expected on Tuesday, which will add to borrowing costs for Australian households.

Labor's political fortunes have weakened considerably. According to Newspoll, Labor's primary vote share stands at 27 per cent, its lowest level since Albanese came to power in 2022. This puts the party behind One Nation at 28 per cent and ahead of the Coalition on 21 per cent. A separate Capital Brief/DemosAU poll shows the Coalition's primary vote at 24 per cent, up four points and closing the gap to just two points behind Labor.

The interest rate decision has become a flashpoint for political blame. Opponents of the government argue that stubborn inflation driving the rate rises stems from public spending, while Labor attributes the pressures to global factors. Finance Minister Katy Gallagher told ABC that the government has improved its budget position at every update. The government faces mounting pressure to announce significant savings in December's budget update.

How it is being reported

• PM in Caribbean as rate pain and poll woes mountA looming cash rate rise and persistently lacklustre polls confront Labor leaders at home as the prime minister mixes with royalty overseas.Perth Now · 1 Nov, 16:33
• PM in Caribbean as rate pain and poll woes mountA looming cash rate rise and persistently lacklustre polls confront Labor leaders at home as the prime minister mixes with royalty overseas.The West Australian · 1 Nov, 16:33

In this story: Anthony Albanese · Katy Gallagher · Andy Burnham · Mark Carney · King Charles · Labor · Liberal-National opposition · Antigua and Barbuda

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