Anthony Albanese has lashed out at camera crews covering his Caribbean visit as he prepares for another overseas trip, even as Australian households face mounting pressure from higher interest rates.
‘Stop, guys, stop,’ the Prime Minister told members of the travelling media as he walked away from a press conference in Antigua and Barbuda on Friday.
The irritated exchange came after Albanese was questioned about whether his social engagements at the Commonwealth Heads of Government Meeting had taken attention away from official duties, amid growing scrutiny of his frequent international travel.
On Tuesday, the Reserve Bank of Australia raised the cash rate by 25 basis points to 4.85 per cent.
It was the fifth rate increase of the year and pushed borrowing costs to their highest point in 18 years.
The central bank cited persistent inflation, higher energy prices around the world and continuing capacity pressures across the economy as key factors behind the decision.
Exclusive Canstar modelling commissioned by Daily Mail indicates that many mortgage holders have experienced repayment increases far exceeding the buffer lenders were expected to use when assessing home-loan applications.
The three percentage point serviceability buffer has now been surpassed by the 4.75 percentage point rise in the cash rate since interest rates began climbing from their record low.
Albanese (pictured) appeared angry as he waved away camera crews last week
A borrower who secured a $600,000, 30-year mortgage five years ago would initially have paid about $2,399 a month at an interest rate of 2.59 per cent.
After the latest increase, the same mortgage would now require repayments of approximately $4,056 each month at a rate of 7.34 per cent.
That is a monthly increase of $1,657, equivalent to a 69 per cent jump from the cost when the loan was first taken out.
Albanese has rejected criticism of his overseas schedule, saying international engagements help strengthen Australia’s economy and promote the country’s interests abroad.
His travel commitments are expected to intensify over the coming weeks.
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After leaving the Caribbean, the Prime Minister is due to head to Turkey for COP31, the Philippines for the East Asia Summit and China for the APEC leaders’ meeting.
The schedule also includes the G20 summit in Miami, where he is expected to meet US President Donald Trump.
It would be the first formal meeting between the two leaders since their brief encounter on the sidelines of the United Nations General Assembly in New York in September.
Albanese is expected to travel to Turkey for COP31, followed by visits to the Philippines, the United States and China
Albanese (left) has defended attending international conferences despite economic pressures facing Australians at home
The Coalition has countered that the Prime Minister should be concentrating more closely on the financial challenges confronting Australians domestically.
‘In any normal circumstances, the overseas trip that the Prime Minister has taken would be okay,’ Opposition Leader Angus Taylor told News24 on Friday.
‘But in the current circumstances, he’s got an economy that’s not working for Australians and he’s not taking the actions necessary to fix it, and the reason is he’s in denial.’
Shadow minister Dan Tehan also attacked Albanese’s planned appearance at COP31 after Australia hosted a Pacific pre-COP gathering reportedly costing about $34million. The Coalition claimed the event drew limited involvement from other world leaders.
‘Why does Anthony Albanese need to go along and hold Chris Bowen’s hand? I mean, it’s going to be a talkfest,’ Tehan told News24 on Sunday.
‘Someone needs to point out to him there’s a cost of living crisis here in Australia. We’ve just had the 17th interest rate rise.’
Albanese has continued to stand by his participation in overseas summits and diplomatic forums.
‘I’ve taken the opportunity to advance Australia’s national interests, which is why we engage with our interconnected world,’ he said at the CHOGM event on Tuesday.
‘My government shows up to forums like this because it is in Australia’s national interests. One in four of Australian jobs relies upon trade.’