Cash rate soars to 4.85 per cent as struggling families hit where it hurts again

News24 host Chris Kenny reacts to the Reserve Bank of Australia again raising the cash rate to now 4.85 per cent as more pain hits Australians.

“The Reserve Bank raised rates again today, the fifth rise this year, the 17th since Labor took power,” Mr Kenny said.

“That means most young adults have experienced rates of this level.

“Average monthly mortgage repayments have doubled. Costing average families an extra $30,000 or so a year.”