First of the big four banks moves after RBA hikes interest rates again

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.

Home loan variable interest rates will increase by 0.25 per cent per annum for new and existing customers, effective June 20. “For customers in financial difficulty we are here to help and encourage them to call us early if they’re concerned.”AAP “And if high inflation were to become entrenched in people’s expectations, it would be very costly to reduce later, involving even higher interest rates and a larger rise in unemployment.”

“The board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that.”Treasurer Jim Chalmers said the news would make life “much harder for people with a mortgage”. The Greens called for the government to intervene, saying the RBA was “engaging in a war on young people”.

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