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Australians are in for a world of pain, with mortgages and rents set to rise after our second interest rate hike in as many months.

It was a line-ball decision from the Reserve Bank – with five members voting for a quarter of a percent jump and four against – putting our official cash rate at 4.1 per cent.

RBA Governor Michelle Bullock says high inflation left them with no choice, but others have slammed the call.

Today, Chief Economist at The Australia Institute, Greg Jericho, on why he thinks the RBA has got it horribly wrong.

If you enjoy 7am, the best way you can support us is by making a contribution at 7ampodcast.com.au/support.

Socials: Stay in touch with us on Instagram

Guest: Greg Jericho, Chief Economist at The Australia Institute

Photo: AAP Image/Lukas Coch

See omnystudio.com/listener for privacy information.

“A real smack in the face”: Did the RBA get it wrong?