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“The Reserve Bank's chief economist said last week that government spending remained a contributor to ongoing inflation, even if the government points to the war in Iran as the "primary driver".”

“He listed examples including the Elon Musk-led slashing of government services, cuts to Medicaid health insurance under the "Big Beautiful Bill", tariffs on Canada, and the war in Iran.”

“The US government has seen the cost of its long-term borrowings soar in recent months as bond markets, concerned about the mounting cost of its war in Iran coupled with massive tax cuts, have pushed debt costs higher.”

“The relationship began to sour in March this year, in the early days of the US-Israeli war on Iran, when Italy denied the US permission to use its air base in Sicily.”