The Reserve Bank has increased interest rates to their highest level in nearly two decades, marking the fifth hike of the year as part of efforts to curb rising inflation. The move follows a sharp inflation spike and comes amid global economic pressures, including disruptions to oil markets linked to ongoing conflict in the Middle East. Homeowners face further financial strain as borrowing costs climb, with central bank officials signaling a continued tough stance on monetary policy. A loan calculator tool is available to assess the impact of the latest rate rise on individual mortgages.
Reserve Bank raises interest rates to an 18-year high, the fifth hike this yearFull report: RBA hikes cash rate for fifth time this year in blow to mortgage holdersUse our loan calculator to check how the rate rise may affect youGet our breaking news email, free app or daily news podcastThe Reserve Bank has hiked rates for the fifth time this year, from 4.6% to 4.85%, in a bid to regain control of surging inflation amid the ongoing global oil shock triggered by the war in the Middle East.The RBA’s decision to hit mortgage holders again comes as no surprise after inflation jumped to 4.3% in the year to September, and following tough talk from senior central bank officials over recent days and weeks. Continue reading...
