Credit:The bank has lifted the cash rate at its past 10 consecutive meetings. On an average $600,000 mortgage, repayments have climbed to almost $3600 a month over that period. In April last year, monthly repayments on the same mortgage were $2370., the RBA decided to hold the cash rate this month.“The board expects that some further tightening of monetary policy may well be needed to ensure that inflation returns to target,” he said.
“[We are] focused on those sensible cost-of-living relief measures we can provide without adding to the inflation problem – so our measures in cheaper childcare, cheaper medicine, some of the work we’re doing on the energy price rebates and of course our support for getting wages moving again,” she said.
“There is further evidence that the combination of higher interest rates, cost-of-living pressures and a decline in housing prices is leading to a substantial slowing in household spending. While some households have substantial savings buffers, others are experiencing a painful squeeze on their finances.”
“At the aggregate level, wages growth is still consistent with the inflation target, provided that productivity growth picks up,” he said.
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