The Reserve Bank has lifted the official cash rate by 50 basis points to 1.85 per cent - its highest level in over six years.
"The board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path," he said. The fourth successive interest rate rise shows the level of concern about the inflation pressures, with the Reserve Bank of Australia says it is still aims to keep "inflation to the 2–3 per cent range over time".Dr Lowe said inflation was expected to peak later this year and decline back to the target range.
He said higher inflation and higher interest rates were putting pressure on household budgets, with consumer confidence falling and housing prices declining in some markets after large increases in recent years."Many households have also built up large financial buffers and the saving rate remains higher than it was before the pandemic.
Have not seen any good news since Labor elected ?
Most people have WAY more than a 330k loan these days.
110 a week rent increase, period.
Well I don't have to worry about that as I will never own a home.
There should be a Royal Commission into the obviously politically-motivated delay in raising interest rates just before the election when it was apparent that inflation was set to surge.
If they can then they not hesitate to suck up blood of tax paying citizens. Paying tax is sin in this country.
What about the home owners who bought during the period the RBA said interest rates won’t go up until 2024? Surely there will be a tonne of over stretched 30-40yr olds over the next 12 months.
Hopefully an increase in my savings interest rate! 🤞🏻
There are going to be an increasing amount of badly stressed-out young people.
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