Hip-pocket politics is Labor's greatest vulnerability – and red-hot anger over the latest rate rise isn't helping | Tom McIlroy

This opinion piece says the economy will decide the next federal election. Labor had a hard week after the Reserve Bank lifted interest rates to 4.6%, a 15-year high. Voters called the bank 'heartless' and 'cruel.' Unemployment is up and house prices are down, giving opposition leader Angus Taylor a chance to argue he can turn things around.

In Australia, elections are usually won or lost on the economy. The RBA raises rates to fight inflation, but that hurts people with loans. Many voters do not realise how separate the bank's decisions are from the government.

Rate rises and rising prices hit household budgets directly. How politicians handle the economy often decides how people vote.