Minns Warns Expected RBA Rate Rise Will Force Shops to Close

NSW Premier Chris Minns has warned that an expected interest rate rise by the Reserve Bank of Australia will lead to shops closing permanently, as pressure mounts on the Prime Minister over the economy. Minns said the anticipated RBA decision would see "shops close that don't reopen," according to The Guardian.

The warning comes ahead of the Reserve Bank of Australia's rate decision, with frustration growing over the state of the economy. One Labor MP said voter anger is already high before the central bank makes its announcement.

The intervention by the NSW Premier places the expected rate rise at the centre of political pressure on the Prime Minister, with the RBA decision looming as the focal point for concern about the economy. Minns's remark frames the consequences of a rate increase in terms of its effect on retail businesses, warning that some shops would not survive the move.

The Reserve Bank of Australia's decision is awaited, with the expected rate rise drawing warnings from within Labor ranks about the political and economic fallout. The comments from Minns and the assessment from the Labor MP point to concern within the party about how the rate decision will be received by voters already frustrated with economic conditions.