In a surprise move, the Reserve Bank of Australia has raised the cash rate for the third consecutive meeting, leaving many wondering if the country's economic woes are far from over. Reserve Bank Governor Michele Bullock has made a stark admission, stating that the recent interest rate hikes will have little to no impact on inflation in the next six months. The decision comes amidst soaring oil prices, which Bullock has linked directly to the ongoing conflict between the US and Iran, saying it has left Australians poorer with "no way out." As the federal budget looms, Bullock has also sounded a warning, urging governments to target cost-of-living relief more effectively to mitigate the rising cost of living. With the Reserve Bank's decision set to have far-reaching consequences for Australian households and businesses, it remains to be seen what the future holds for the country's economy.
Reserve Bank of Australia raises cash rate for third consecutive meeting as governor says increases ‘are not going to do anything for inflation’ in next six monthsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastUse our loan calculator to see how rate hikes could affect youThe Reserve Bank governor has said surging oil prices in the wake of the US-Israel war on Iran have made Australians poorer with “no way out”, after handing down an interest rate rise and warning more hikes could be needed.A week out from the federal budget, Michele Bullock also warned inflation would get worse if governments’ cost-of-living relief was not “targeting where it’s most needed”. Continue reading...
