Anthony Albanese has appeared to lose patience with camera crews covering his Caribbean trip as the Prime Minister prepares for another overseas journey while Australian households contend with yet another interest-rate increase.
“Stop, guys, stop,” Albanese said as he walked away from the travelling press pack after a media conference in Antigua and Barbuda on Friday.
The sharp exchange came after the Prime Minister was questioned about whether social events at the Commonwealth Heads of Government Meeting had taken his attention away from the pressures facing Australians at home. His busy overseas travel schedule has also come under growing scrutiny.
On Tuesday, the Reserve Bank of Australia increased the cash rate by 25 basis points to 4.85 per cent.
It was the fifth rate rise of the year, pushing borrowing costs to their highest level in 18 years.
The central bank cited persistent inflation, elevated global energy prices and continuing capacity constraints across the economy in its decision.
Exclusive Canstar modelling for Our News Outlet indicates that many mortgage holders have experienced repayment increases far beyond the buffer lenders were required to use when assessing home-loan applications.
The three percentage point serviceability buffer has been surpassed by the 4.75 percentage point increase in the cash rate since rates began climbing from their record low.
Albanese (pictured) appeared angry as he waved away camera crews last week
A borrower who took out a $600,000 mortgage over 30 years five years ago would initially have paid $2,399 a month at an interest rate of 2.59 per cent.
After the latest rate increase, repayments for the same loan are expected to reach $4,056 a month at a rate of 7.34 per cent.
That is an additional $1,657 each month, representing a 69 per cent increase from the time the mortgage was taken out.
Albanese has rejected criticism of his international travel, saying his overseas meetings help strengthen Australia’s economy and promote the country’s national interests.
The Prime Minister’s international schedule is also set to intensify over the coming weeks.
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After returning from the Caribbean, Albanese is expected to travel to Turkey for COP31, the Philippines for the East Asia Summit and China for the APEC leaders’ meeting.
His commitments will then continue with the G20 summit in Miami, where he is due to meet US President Donald Trump.
The meeting would be the first between the two leaders since their brief encounter on the sidelines of the United Nations General Assembly in New York in September.
Albanese is due to travel to Turkey for COP31, as well as the Philippines, the United States and China
Albanese (left) has defended attending overseas conferences despite challenges facing Australians at home
The Coalition has argued that the Prime Minister should spend more time addressing the problems 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 criticised Albanese’s expected attendance at COP31. His comments followed an Australian-hosted Pacific pre-COP event that reportedly cost about $34 million and which the Coalition claimed drew limited participation 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, however, has continued to defend his participation in international 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 Australian jobs relies upon trade.”
