Australia’s cost of living crisis continues to worsen after the Reserve Bank hiked the official cash rate for the ninth consecutive time, increasing the rate to 3.35 per cent.In its weekly report published on Monday, the big bank also lifted its cash rate forecast from 3.85 per cent to 4.1 per cent.
The weekly report also pointed to Reserve Bank Governor Philip Lowe’s appearances in front of Senate Estimates and the House Economics Committee where he said the bank would take a steady approach to rate increases. The bank said the RBA would likely make its final rate hike in May following the release of the March quarterly inflation figures.
“With the concerns about a wage–price spiral easing following the December quarter Wage Price Index report; demand slowing; and the cash rate deeply contractionary, at 4.1 per cent, the case for a pause in June is credible.”
Orange man in the USA did warn you all that if Biden gets in expect 6% interest. He almost got it right except these hikes are going to Xmas. That 2030 is looking more real every day.
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Source: 7NewsSydney - 🏆 16. / 63 Read more »