Reserve Bank of Australia lifts interest rates by 50 basis points to 1.35 per cent

target by another 50 basis points, taking the baseline interest rate to 1.35 per cent.

Following the decision Treasurer Jim Chalmers said the rate rise was coming at a time when Australians were already dealing with "stretched budgets". "The government changed hands at a time of high and rising inflation, sky rocketing interest rates and falling real wages, and we have inherited a trillion dollars in debt which is now more expensive to service."RBA Governor Philip Lowe said the nation's central bank was doing what was necessary to control soaring levels of inflation.

"The resilience of the economy and the higher inflation mean that this extraordinary support is no longer needed. The Board expects to take further steps in the process of normalising monetary conditions in Australia over the months ahead. "The Reserve Bank of Australia has once again increased the cash rate in an effort to reign in inflation before a 'spiral' sets in," she said.

Thompson said the housing market has already been hit by interest rate hikes, with Sydney and Melbourne prices dropping by up to 2.8 per cent over the past three months.

Yet everyone is still out jetting around, holidaying, dining at restaurants and cafes, buying useless junk. Tops not in until the place goes quiet and discretionary spending finally grinds to a halt.

This is what happens when our country and the world shuts down for a flu, and the government hands out's Stimulus package too anyone who wants em, And you muppets are asking why we are in this situation now It's called paying back

The effects of the lockdowns

Labor in power hope it doesn't go as high as the Keating days

Thanks Albo you dog

For those complaining about mortgage stress. You over committed yourself. Suck shit.

9NewsAdel Hope long queues will stop in auctions …!!!

This is great news, for those of us who have good savings banked away gaining more and more interest by the day. But it’s bad for those who got conned into thinking over the last few years that they could actually afford a $800k+ 3 bedroom house on a 350m section

There goes discretionary spending. Feel sorry for cafes and restaurant owners.

So interest rates up again, fuel prices sky-rocketing, energy prices exploding and food prices up across the board. How's that $1.05 ph pay increase working out for you now?

1st they devalue the currency by printing billions.. then they extort the most vulnerable = Financial terrorism

Still too low many countries are already at 2%+why are we always so slow, complete incompetence from the RBA Now chasing our tails every month to Increase it to normal levels Hurry up

9NewsMelb Does anyone wonder how raising how much people pay back on loans decreases spending? Factories mortgages just went up, people lending to buy cars and trucks and machinery repayments just went up, and you think that won’t be passed on to the consumer… who’s mortgage just went up?

Where's Alboeing during this interest rate emergency?

So banks will raise again even tho they did it a week ago

Please sack the entire Reserve bank board. Disgusting decision.

This is wonderful.. The Great Australian Housing Ponzi Scheme needs to collapse. We need to encourage people to invest on future proof small businesses and services rather than Ponzi housing market.

Hopefully banks won't pass the full increase to the customers , like they didn't pass the full cuts at time of covid . Who am I kidding !?!?! Banks are a win win anyways 🤦🤦

Should have been least 0.75 basis points!Rates are still low.

Keep using that bowling ball to take out the 8th pin, guys.

Governmental Robbery

Lol this country is FuK'd

9NewsSyd Thanks, Albo!

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