RBA raises cash rate to 4.85%, fifth hike this year
Briefing by News4U · First published
The Reserve Bank of Australia raised the official cash rate from 4.6% to 4.85% on Tuesday, its fifth increase this year and the highest level since 2008, after inflation jumped to 4.3% in the year to September amid a global oil shock from the Middle East war, The Guardian reported. Canstar said the latest rise will lift the monthly interest payment on a $700,000 home loan by $107, bringing the total rise in repayments over this year's five hikes to $532 for over 3.3m households with home loans, while Treasurer Jim Chalmers said higher borrowing costs would make things much harder. [1]
Sources
- RBA interest rates: Reserve Bank hikes cash rate for fifth time this year in blow to mortgage holders
The Guardian · · Full text