The Reserve Bank of Australia (RBA) has pulled the trigger again, raising the cash rate to 3.85% and sending a shockwave of pain through every mortgaged household in the country. But in the parliamentary theatre of Canberra, the economic misery of millions was instantly converted into political ammunition.

Question Time erupted into chaos as Treasurer Jim Chalmers faced a barrage of jeers from the Coalition. Instead of contrition, Chalmers went on the offensive, accusing Deputy Opposition Leader Sussan Ley of "desperation" for targeting Treasury Secretary Jenny Wilkinson. The spectacle was a masterclass in deflection: as families tightened their belts, their leaders loosened their tongues, trading insults over who was to blame for the inflation dragon that refuses to die.

The Blame Game

The RBA’s decision, while "widely expected" by economists, is a bitter pill for the electorate. Chalmers defended the independence of the bank but was quick to pivot, framing the opposition’s attacks as an assault on the public service. "It is entirely inappropriate to drag one of the finest public servants into this," he thundered, shielding the government’s economic record behind a wall of bureaucratic protocol.

Sussan Ley, sensing blood in the water, hammered the government on the cost of living. Her strategy is clear: tie every rate hike directly to Labor’s spending. The ejection of Tim Wilson from the chamber added a layer of farce to the proceedings, symbolizing the breakdown of civil discourse.

• The Mortgage Cliff: For the average Sydney homeowner, this hike adds hundreds of dollars to monthly repayments. The "fixed rate cliff" is now a reality, and defaults are expected to rise.
• The RBA’s Dilemma: Governor Michele Bullock admitted the hike is "negative" but necessary. The bank is walking a tightrope, trying to crush inflation without crashing the economy.

Disconnect in Canberra

The disconnect between the jeering politicians and the struggling public has never been wider. While Chalmers and Ley score points in the air-conditioned comfort of Parliament House, Australians are cancelling holidays and switching to generic brands. The political class seems to be fighting a war of words while the citizenry fights a war for survival.

As the dust settles on another raucous Question Time, the rate hike remains. The theatre is over, but the bill is due. And for the voters watching this display, the question is not who won the debate, but how they will pay the mortgage next month.