The Reserve Bank of Australia is expected to raise interest rates to an 18-year high, intensifying financial pressure on households already struggling with economic hardship.
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Reserve Bank is expected to raise interest rates to an 18-year high on Tuesday, the fifth hike this yearGet our breaking news email, free app or daily news podcastTreasurer Jim Chalmers told ABC’s RN Australians are bracing for a “difficult decision” ahead of an expected rate hike.Another rise would likely increase the cash rate to 4.85%, taking it to the highest level in 18 years.People are under substantial pressure already, and obviously, if rates go up today, that will make things much harder, especially when there are already a number of rate rises in the system and their full effect hasn’t been felt yetRegardless of the decision that the Reserve Bank takes independently this afternoon, we know that there is more work to do to make the budget as tight as it can be. Continue reading...
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