Reserve Bank lifts official cash rate to 1.35 per cent as homeowners brace for interest rate hikes

The Reserve Bank of Australia has lifted the official cash rate for the third straight month in a row.The Reserve Bank of Australia has lifted the cash rate by 50 basis points to 1.35 per cent.It is the third consecutive increase of the cash rate after the RBA lifted it by 50 basis points in June - the highest rise since February 2002.The official cash rate has risen to 1.35 per cent in what is a steady hike driven by global and domestic pressures that has led to high inflation levels.

"Strong demand, a tight labour market and capacity constraints in some sectors are contributing to the upward pressure on prices. The floods are also affecting some prices." Federal Treasurer Jim Chalmers said it would be a "tough day" for the millions of Australians impacted by the RBA's decision.

Great for people with savings, however, very hard on those with high mortgages. So far the big 4 Australian banks have not amended the term deposit rates yet.

work very hard, so after thirty years, you own a house that needs demolishing. 😅 How lucky are we in this country

It's a rate rise that was delayed for political reasons. With inflation, it's a case of a stitch in time saves nine. There should be a Royal Commission into the delayed interest rate rises. It was undoubtedly delayed to give the Coalition the best chance of winning.

Woo hoo! About time. Borrowers have had it good for 10 years. It’s time retirees and investors got some joy! 👏👏👏

I thought money would be free forever, I bought a house well over my budget, what am I meant to do? Sarcasm

1.35% is actually meaningless and out of touch with reality,where can people access these rates,they can't so why bother with this deceitful game.

🙄

A big f you to the grubs that put hard working Australians in this situation. Who thought handouts and printing money wouldn't have this effect? Everyone, except policitians. They don't have one creative bone it their body.

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