Michele Bullock speaks after RBA hikes cash rate to highest level in 18 years
Michele Bullock says another rate rise is not the news Australian mortgage holders would want to hear, but it’s “what’s needed to get inflation down”.
“Some pain now will prevent even worse pain down the track,” she says.
The Reserve Bank of Australia today announced its decision to lift the cash rate to 4.85 per cent, its highest level since 2008.
The 0.25 percentage point hike is the fifth this year and was widely anticipated by all major banks and many economists.
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