The RBA met on Tuesday and lifted the cash rate by 25 basis points to 4.1 per cent — the highest level since April 2012.Looking for a new job or job candidate? Post jobs and search for local talent onIt marks the 12th interest rate hike since May last year, when the cash rate was at a pandemic-low of 0.1 per cent.
“Inflation in Australia has passed its peak, but at 7 per cent is still too high and it will be some time yet before it is back in the target range,” RBA Governor Philip Lowe said. “The board will continue to pay close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labour market.
Treasurer Jim Chalmers responds to the latest interest rate hikes. 7NEWS at 6pm. auspol 7NEWS
Treasurer Jim Chalmers responds to the latest interest rate hikes. 7NEWS at 6pm. auspol 7NEWS
Australia’s Reserve Bank has increased the official interest rate once again. 7NEWS
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