The Reserve Bank has lifted interest rates for a historic fourth month in a row, taking the cash rate to 1.85 per cent as it works to dampen rising inflation.
In a statement accompanying the RBA decision, Lowe said the board expected to take further steps as it worked to “normalise” monetary conditions over the months ahead, but was “not on a pre-set path”.“The board places a high priority on the return of inflation to the 2 to 3 per cent range over time while keeping the economy on an even keel,” he said.through the past 12 months, driven by higher building and fuel prices.
“There are widespread upward pressures on prices from strong demand, a tight labour market and capacity constraints in some sectors of the economy. The floods this year are also affecting some prices.”Lowe said consumers’ reaction to recent rate rises would be critical in how the bank tightened monetary policy in coming months.‘It’s not a shock to anybody but it will sting.’“Higher inflation and higher interest rates are putting pressure on household budgets.
Economists from investment group Jarden expect home prices to fall by 15 to 20 per cent by the end of 2023, and predict steeper falls in Sydney and Melbourne because of affordability constraints., after rising 28.6 per cent during the first two years of the coronavirus pandemic.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reserve Bank lifts rates for historic fourth consecutive monthThe central bank has now raised the cash rate by 1.75 percentage points in four months, adding $770 a month to repayments on an $800,000 mortgage. swrighteconomy rachelclun Hopefully four more rises to go swrighteconomy rachelclun Time for this government to put its big boy pants on swrighteconomy rachelclun A decade kicking the can down the road, money printing, cheap debt, driving inequality….the incompetence has finally caught up with central banks and it’s dragging the population down with them. Well done.
Source: smh - 🏆 6. / 80 Read more »
Reserve Bank lifts rates for historic fourth consecutive monthThe Reserve Bank has lifted interest rates for a historic fourth month in a row, taking the cash rate to 1.85 per cent as it works to dampen rising inflation. Forcing a recession, where the rich can reap all the benefits 😡 A crushing cost to families already struggling & having to choose between food, heating, fuel, gas, electricity, rent or mortgage. But our political elite, Labor, gifts politicians & high incomes $12,000 tax cut year after year from 2024. A 220 billion budget time bomb, madness. Will depositors get more?
Source: theage - 🏆 8. / 77 Read more »
Reserve Bank poised for historic fourth consecutive hikeThe central bank is expected to lift the cash rate to 1.85 per cent amid signs the hikes are having an effect outside the housing market.
Source: brisbanetimes - 🏆 13. / 67 Read more »
Reserve Bank poised for historic fourth consecutive hikeThe central bank is expected to lift the cash rate to 1.85 per cent amid signs the hikes are having an effect outside the housing market. auspol
Source: theage - 🏆 8. / 77 Read more »
Reserve Bank poised for historic fourth consecutive hikeThe central bank is expected to lift the cash rate to 1.85 per cent amid signs the hikes are having an effect outside the housing market. The redistribution of wealth back to the top 1% continues!
Source: smh - 🏆 6. / 80 Read more »