Home buyers should expect higher interest rates, Reserve Bank Governor Philip Lowe has warned, as the bank will do whatever it takes to get inflation back within its target range.
This year, inflation has risen amid global supply chain pressures due in part to the war in Ukraine and COVID-19 lockdowns in China, while the unemployment rate has fallen to near 50-year lows and wages have begun to lift.Lowe said the current strength of the Australian economy meant it no longer needed emergency interest rate settings. As a result, the RBA board has raised interest rates twice in the past two meetings, taking the official cash rate from its pandemic low of 0.1 per cent to 0.
“In the end of the day, though, our responsibility is a national one: we want to make sure the inflation is low and stable, the country gets to full employment, the financial stability of the country is preserved,” he said.Loading “We were looking into the chasm that was very scary. We wanted to build a bridge to the other side,” Lowe said.
and to think about a year ago lowe said interest rates would stay low till 2024. been backpeddling ever since
Just what we need an other superanuated fuck wit trying to run the country
Omg talk about inducing people to take on debt and then nek minut scaring them witless when they do. Simply not good enough.
Triple interest rates for investment properties, Keep them low for owner occupying
The current inflation is caused by supply chain shortages and petrol prices rather than over spending. So why are the common folk made to suffer with increased mortgage rates?
Interest rates go up another 2% and the carnage will begin.
Pass the rise on to bank depositors.