The Reserve Bank has lifted interest rates to an 11-year high of 3.6 per cent as it battles to bring inflation under control.
The Reserve Bank has lifted interest rates to an 11-year high of 3.6 per cent and flagged more rises to come as it battles to bring inflation under control.
In his statement accompanying the decision, RBA governor Philip Lowe made clear that the bank was still some way from halting interest rate rises. He said rents were growing at their fastest rate “in some years” with vacancy rates across the country.A key worry for the bank has been a lift in wages growth.
Australia was going through a difficult period, dealing with supply chain shortages, the energy transition across the economy, and the impact of Russia’s invasion of Ukraine. There are signs the bank’s previous rate increases are starting to bite, with data gleaned from Westpac’s retail payment network showing a sharp slowdown through the second half of February.
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