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The Reserve Bank has today raised the cash rate by 0.5 per cent to 1.35 per cent – the third consecutive monthly increase and with more expected to follow as it tries to rein in ballooning inflation.
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The Reserve Bank is today widely expected to increase the cash rate by another 50 points, which will likely result in another $137 a month being added to repayments on a $500,000 mortgage – with a further rate hike anticipated next month.
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Australian mortgage holders should be prepared for further interest rate hikes as the Reserve Bank attempts to reduce inflation, its governor says.
Consumer confidence sank to levels not seen since the early stages of the COVID-19 pandemic two years ago after the Reserve Bank’s larger-than-expected cash interest rate hike last week.
There’s one big reason why increasing interest rates impact today’s mortgage holders more than past generations, argue Joey Moloney and Brendan Coates.
A major business group fears the economy could be entering a “death spiral” of rising wages growth, inflation and interest rates following the Reserve Bank’s biggest cash rate hike in more than 20 years.
