The Reserve Bank of Australia (RBA) has raised its cash rate by 25 basis points to 4.35%, marking its 13th rate rise since May 2022.
This move, the first in five months, is aimed at addressing inflation concerns. Governor Michele Bullock stated that inflation in Australia remains too high and persistent, prompting the rate hike. The RBA remains prepared to raise rates further if necessary.
Treasurer Jim Chalmers expressed concern, noting that the rate increase will impact those already facing challenges. The quarter-point hike is expected to increase monthly repayments for a standard $600,000 mortgage by approximately $100, contributing to a total increase of $1450 since the rate-increase cycle began.
For more information: https://www.theguardian.com/australia-news/2023/nov/07/rba-interest-rates-rise-hike-november-official-cash-rate-announcement-reserve-bank-australia
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