Federal Treasurer JEChalmers has warned it will be 'a difficult day' for mortgage holders and home buyers, with the Reserve Bank of Australia scheduled to make an announcement on the official cash rate. auspol rba costofliving cashrate
The Reserve Bank of Australia is scheduled to make an announcement on the official cash rate on Tuesday.Federal Treasurer Jim Chalmers has warned it will be "a difficult day" for mortgage holders and home buyers, with another increase in the cash rate expected after the Reserve Bank of Australia holds its monthly board meeting.the RBA's decision in May to lift the rate to 0.35 per cent last monthEconomists' forecasts range from another 25 basis point rise, or 0.
"They're confronting spiking prices for petrol and electricity and gas at the same time, so it will be a difficult day for a lot of people."'People living in cars': Rising inflation is devastating for low-income earners, community groups say The potential for higher wage growth, as the unemployment rate tumbles to its lowest level in nearly 50 years, has been a key focus of the central bank for some time.
The Reserve Bank of Australia is expected to raise the cash rate for the second month in a row, which would see interest rates for borrowers increase.Australian Banking Association CEO Anna Bligh says on average households are going into this rising interest rate environment better prepared than probably ever before.
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