Cash splash warning; Inflation fears grow; Election battle heats up | 7NEWS
The Reserve Bank of Australia has increased interest rates for the third time this year, adding 25 basis points to reach 4.35%, with the Iran conflict and Middle East oil crisis being cited as key drivers of inflation. Victorian families face mounting financial pressure as homebuyers with a $600,000 mortgage now pay $270 more per month than at the start of the year. The Victorian government has delivered an election-year budget featuring a $727 million surplus and $1.1 billion from a new Lottery Corporation deal, while state debt is forecast to reach nearly $200 billion by 2029 with a daily interest bill of $32.4 million.
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