Most Aussies are confused about how interest rates actually fight inflation — new Reserve Bank research reveals only a quarter understand higher rates cool prices, while half wrongly think they make things cost more. This misunderstanding undermines the RBA’s efforts, as public expectations can fuel price hikes instead of slowing them. With core inflation still above target, the bank’s tools may be losing effectiveness — partly because people don’t grasp the economic logic behind them. Fixing this knowledge gap is key to keeping the economy stable.
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