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Reserve Bank hikes cash rate to 15-year high
Published 1 week ago
Description
The Reserve Bank has increased the cash rate by 25 basis points to 4.6 per cent, the highest level in 15 years, and making Australia's cash rate the second highest in the developed world behind Iceland. The increase will cost average mortgage holders an additional $113 per month or more than $1,300 annually. Reserve Bank Governor Michele Bullock cites high domestic inflation and Middle East war pressures as key factors, while Treasurer Jim Chalmers and opposition leader Angus Taylor debate whether government spending or global conflicts are driving the rate rises.
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