JUST IN: The Reserve Bank of Australia has raised the cash rate by another 50 basis points, lifting it to 1.85 per cent and marking the fourth consecutive rate rise in four months. READ MORE: 9News
has hiked interest rates for the fourth consecutive month, lifting the nation's cash rate target by 50 basis points to 1.85 per cent.
Are you struggling to make repayments with recent interest rate rises? We want to hear your story. Get in touch with reporter Stuart Marsh atA person with a $750,000 loan is now facing a monthly increase of $211 while those with a $1 million loan are facing a monthly increase of $281 . "A key source of uncertainty continues to be the behaviour of household spending. Higher inflation and higher interest rates are putting pressure on household budgets. Consumer confidence has also fallen and housing prices are declining in some markets after the large increases in recent years," he said.
"Rising interest rates, soaring inflation, energy prices and the general cost of living are already squeezing household budgets," he said. "The Reserve Bank of Australia has once again decided to raise the cash rate target. This is the fourth month in a row, indicating the level of concern that inflation is causing. Contributing to the decision was July's employment data which saw the unemployment rate drop to 3.5 per cent. There are now 600,000 more Australians employed than there were in March 2020 - an extraordinary increase," Thompson explains.
Speaking in question time, Treasurer Jim Chalmers has said while the RBA's interest rates hike isn't surprising, it will "still sting" Australians."This cycle of interest rate rises began before the election in response to inflationary pressures that began accelerating at the beginning of this year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reserve Bank lifts rates for historic fourth consecutive monthThe central bank has now raised the cash rate by 1.75 percentage points in four months, adding $770 a month to repayments on an $800,000 mortgage.
Read more »
Reserve Bank poised for historic fourth consecutive hikeThe central bank is expected to lift the cash rate to 1.85 per cent amid signs the hikes are having an effect outside the housing market.
Read more »
Reserve Bank poised for historic fourth consecutive hikeThe central bank is expected to lift the cash rate to 1.85 per cent amid signs the hikes are having an effect outside the housing market. auspol
Read more »
Reserve Bank poised for historic fourth consecutive hikeThe central bank is expected to lift the cash rate to 1.85 per cent amid signs the hikes are having an effect outside the housing market.
Read more »
Suncorp investors will not vote on ANZ’s $4.9b bank purchaseThe ASX has confirmed it has reviewed ANZ’s offer for Suncorp bank in extra detail and confirmed a shareholder vote is not required.
Read more »
RBA rate rises tipped to slow bank mortgage growthAs interest rates climb, analysts predict the big banks will face slower growth in their lucrative mortgage portfolios | clancyyeates
Read more »