'Australians are poorer' because of inflation and Middle East conflict, says RBA governor

The RBA Governor stated that Australians are poorer due to the oil price shock and overall commodity price increases stemming from the Middle East conflict. The central bank is raising interest rates to curb domestic inflation and slow economic growth, anticipating inflation to peak in June. Rising housing prices and a persistent housing shortage are further exacerbating the situation for potential homebuyers.