RBA inflation-busting rate rises to cost $1000 a month extra on a mortgage

The cost to home buyers of the Reserve Bank’s battle against inflation is poised to hit more than $1000 a month, as the institution readies itself to lift official interest rates even as Prime Minister Anthony Albanese urges it to consider the impact on ordinary workers.

“I’m sure that’s something that they do bear in mind, the impact on people of decisions that are made. That is something that people in authority, whether it be an independent authority like the RBA, or people in government have to do,” he told ABC Radio.

help people through the shorter term challenges and also to deal with the issues in supply chains to deal with cost of living where we can and build an economy that grows wages and improved living standards over time,” he said. Car sales through August reached 95,256, a 17.3 per cent lift on the same month last year. It was the best August sales period since 2017.

The same figures also showed a lift in battery electric vehicles. Tesla alone sold almost 3400 units. Meanwhile, EVs accounted for a record 4.4 per cent of the market in August. PriceMyCar chief executive David Lye said carmakers had increased their recommended retail prices as supplies had fallen. Some had lifted their prices four times in the past 12 months.The jobs market is also yet to cool. ANZ’s measure of job advertisements showed a 2 per cent increase in August, taking total ads to 242,000 – the highest number since just before the global financial crisis in 2008.

What doesn’t the RBA go after petrol companies, electricity providers, councils etc? Interest rates don’t affect them much but they are doing their best to drive up inflation. Maybe RBA should start targeting the problem, its not the average consumer.

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