Reserve Bank of Australia delivers 10th straight rate rise
abc.net.au/news/reserve-bank-raises-interest-rates/102062204The Reserve Bank of Australia has raised interest rates for the 10th consecutive meeting, taking the cash rate target to 3.6 per cent.The 0.25 of a percentage point rate rise will add around $77 a month to repayments on a $500,000 mortgageThat is the highest level for the central bank's benchmark interest rate since May 2012.
Borrowers with $500,000 mortgages will soon be facing monthly mortgage repayments nearly $1,000 larger than a year ago, before the RBA started lifting the cash rate in May 2022. "The board expects that further tightening of monetary policy will be needed to ensure that inflation returns to target and that this period of high inflation is only temporary," he said in his post-meeting statement.
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