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The RBA’s fifth rate hike to 4.85% aims to curb inflation from the Middle East oil shock, but significantly increases mortgage costs for Australian borrowers.
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RBA interest rates: Reserve Bank hikes cash rate for fifth time this year in blow to mortgage holders
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Reserve Bank of Australia increases official cash rate to 4.85%, bringing it to highest level since 2008RBA interest rates live updates: Reserve Bank cash rate decisionGet our daily political 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 an attempt to regain control of surging inflation amid an ongoing global oil shock triggered by the war in the Middle East.The RBA’s decision to hit mortgage holders again is no surprise after inflation jumped to 4.3% in the year to September and comes following tough talk from senior central bank officials over recent days and weeks. Continue reading...
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