Bullock blames domestic spending for rate hike, inflation as government insists global factors to blame; No explosives found inside vans searched in UK terror probe

Opposition Leader Angus Taylor has accused the government of failing to do its job properly after the Reserve Bank lifted interest rates to a 15-year-high yesterday.

“The point here is that the government hasn’t been doing its job in containing spending and making it easier to build and make things in this country,” he told ABC’s News Breakfast.

Yesterday, RBA governor Michele Bullock acknowledged it was a combination of domestic and international factors that had contributed to high inflation, but Taylor insisted high government spending was to blame.

“This has been homegrown inflation,” Taylor said. “Jim Chalmers will look for an excuse for...