'This is about a difficult day for Australians with a mortgage.' Treasurer Jim Chalmers says his job is to alleviate some of the inflationary pressures we are seeing in the economy, as experts predict a fourth consecutive rate hike today. 9News MORE:
This increase will mean a mortgage holder with a $750,000 loan will face a monthly increase of $211.Since May, that hypothetical homeowner has had an extra $708 tacked on to their repayments.And there are fears the RBA could lift rates even higher than predicted.Experts say the more rate hikes we see and the bigger they are, the more downward pressure it will place on the property market, after national housing prices fell for their third month in a row in July.
RBA governor Philip Lowe, is facing fresh criticism for remarks he made last year when he said it was likely the cash rate would remain at 0.1 per cent until at least 2024, and the rising cost of living is causing a political fight. Prime Minister Anthony Albanese says members of the Coalition are kidding themselves if they argue that rates would not have risen under them.
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