Australia has announced plans for even more fiscal spending

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Australia has announced plans for more fiscal spending.&nbsp;Energy Minister Chris Bowen says&nbsp;will step up spending to underwrite new wind, solar and battery projects.</p><ul><li><span>did not specify how much the government expects to
spend</span></li></ul><p><br></p><p><span><a href="https://www.reuters.com/sustainability/australia-boost-spending-back-new-renewable-energy-projects-2023-11-23/" target="_blank" rel="nofollow">More here.&nbsp;</a></span></p><p><span>I'm sure renewables are a great thing, it's the added spending that's a little worrying.&nbsp;</span><span>I posted earlier on this:</span></p><p><span><a href="https://www.forexlive.com/centralbank/australia-scraps-aud-116bn-of-infrastructure-projects-amid-worker-shortages-and-inflation-20231117/" target="_blank" rel="follow">Australia scraps AUD 11.6bn of infrastructure projects amid worker shortages and inflation
</a></span></p><ul><li><span>The "but" to this is the net infrastructure spend remains unchanged</span></li></ul><p>Underpinning demand like this is going to ensure higher Reserve Bank of Australia rates for longer.</p><figure data-media-><img src="https://images.forexlive.com/images/Australia%20rba%20higher%20rates%2023%20November%202023_id_4fa2c310-c6f0-450a-93d5-d4a3a4c60547_original.jpg" alt="Australia rba higher rates 23 November 2023" width="662" height="342" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/Australia%20rba%20higher%20rates%2023%20November%202023_id_4fa2c310-c6f0-450a-93d5-d4a3a4c60547_original.jpg" /></figure><p><br></p><p><br></p><p><span><br></span></p><p><span><br></span><br></p>

This article was written by Eamonn Sheridan at www.forexlive.com.