Treasurer Jim Chalmers says it’s “another difficult day for Australians” who are “already under the pump” as the Reserve Bank lifts the cash rate by another 25 basis points to 2.85 per cent.
“This means Australians with a mortgage will have to find that little bit extra in their monthly budget to accommodate these interest rate rises,” he said during a media conference on Tuesday.
“I think importantly, as well, the Reserve Bank has changed their forecast for inflation – they now expect inflation to peak around eight per cent towards the end of the year.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RBA hikes interest rates for seventh consecutive month, issues grim inflation forecastBREAKING: The Reserve Bank has lifted interest rates for a SEVENTH consecutive month, increasing the cash rate by another 25 basis points to 2.85 per cent. MORE: 9News
Read more »
RBA interest rate rise tomorrow could be ‘as high as 0.5 per cent’Sky News Political Editor Andrew Clennell looks at Australian Bureau of Statistics figures revealing why the Reserve Bank’s forecast interest rate rise tomorrow could be 'as high as 0.5 per cent'. “Admittedly, the increase in spending here is pushed along by inflation, but have a look at this – another monthly rise in spending – 0.6 per cent,” Mr Clennell said. Mr Clennell said spending on food, such as in cafes and restaurants, is up by more than one per cent month on month. “Surely the news on electricity price rises from the budget, together with higher rates and rents, will begin to slow spending and therefore inflation next month at least,” he said. “But that won't spare households and businesses from rate rises tomorrow.”
Read more »
ASX LIVE: Australian shares set for flat open, Reserve Bank rate decision pendingAustralian shares to open little changed; Wall St declines; iron ore collapse deepens; RBA poised to lift the cash rate. Follow updates here.
Read more »
RBA set for seventh straight rate riseThe Reserve Bank of Australia is set to raise interest rates for a seventh straight month in an effort to slow rising inflation. The RBA is expected to lift the cash rate by either a quarter or half a per cent, which would take rates above three per-cent for the first time since 2013.
Read more »
Rising rates put brakes on home loan growthAs the RBA prepares to raise rates again, growth in the $2 trillion mortgage market is softening and analysts say the slowdown has much further to run.
Read more »