RBA interest rates: Reserve Bank hikes cash rate for fifth time this year in blow to mortgage holders
Reserve Bank of Australia increases official cash rate to 4.85%, bringing it to highest level since 2008 RBA interest rates live updates: Reserve Bank cash rate decision Get our daily political email , free app or daily news podcast The Reserve Bank has hiked rates for the fifth time this year , from 4.6% to 4.85%, in an attempt to regain control of surging inflation amid an ongoing global oil…
The Reserve Bank of Australia has increased the official cash rate to 4.85%, marking the fifth hike this year and the highest level since 2008. This move aims to regain control over surging inflation caused by the ongoing global oil shock following the Middle East conflict. The decision comes after inflation soared to 4.3% in the year to September, as senior central bank officials have been vocal about the situation.
The rate hike is expected to adversely affect over 3.3 million households with home loans, with monthly interest payments on a $700,000 loan increasing by $107. Over this year's five hikes, total repayments have risen by $532. The RBA's forecasts indicate a difficult period ahead for the economy, with the cost of living crisis expected to continue for another year, despite below-trend economic growth and rising unemployment.
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Also reported by 4 other outlets
- Bank CD rates surge above 8% amid liquidity squeeze, rising T-Bill yields economictimes.indiatimes.com
- RBA interest rates: governor Michele Bullock explains decision to lift cash rate to 4.85% – video theguardian.com
- RBA lifts interest rates for fifth time this year theage.com.au
- RBA lifts interest rates for fifth time this year smh.com.au
