Westpac has announced it will pass on the interest rate hike after the Reserve Bank of Australia decided to lift the cash rate for the second consecutive month. 7NEWS
Governor Philip Lowe announced the cash rate had increased from 0.35 per cent to 0.85 per cent - a hike of 50 basis points.Watch the latest News on Channel 7 or stream for free onIt comes after the cash rate increased for the first time in more than a decade last month as Australian households struggle under mounting costs of living.
“ increase in interest rates by the board is a further step in the withdrawal of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic,” Lowe said in a statement.“The resilience of the economy and the higher inflation mean that this extraordinary support is no longer needed.
“Given the current inflation pressures in the economy, and the still very low level of interest rates, the board decided to move by 50 basis points. “The board expects to take further steps in the process of normalising monetary conditions in Australia over the months ahead.”
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