The 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.
The Reserve Bank is expected to break from history and inflict a fourth successive monthly increase in interest rates on the nation’s home buyers despite signs its aggressive tightening of monetary policy may be slowing the jobs market.
But there are indications the lift in rates is starting to have an impact outside the housing market. But she said unemployment would probably continue to fall, possibly below 3 per cent, due to the ongoing demand for staff in many businesses. The Melbourne Institute’s monthly measure of inflation, released on Monday, showed a further 1.2 per cent increase in prices through July. It was the largest one-month jump in prices since September 2002.
Despite the saving, average family petrol costs are still $33 a month higher than at the start of the year.Prices for houses are also continuing to fall, with CoreLogic’s measure of values showing a 1.3 per cent decline in July. It was the third successive monthly fall, coinciding with the RBA’s increase in interest rates.
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