The Reserve Bank of Australia has resumed hiking interest rates after holding steady for the past four months, piling on financial pressure for mortgage holders. The RBA met on Tuesday and chose to hike the cash rate by 25 basis points to 4.35 per cent.
Economists share RBA cash rate predictions ahead of Tuesday’s decision. The hike means the average borrower with a $500,000 loan and 25 years remaining will see their monthly repayments increase by about $76. Economists at each of the big four banks had predicted the increase in the face of stubbornly high inflation. RBA Governor Michele Bullock said inflation in Australia had “passed its peak” but still remains too high.
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