RBA’s third interest rate hike this year to 4.35% | Customer home loans ahead says Westpac

2 hours ago The News Room

Millions of Australians paying off home loans are facing increased cost of living pressures after the Reserve Bank lifted the cash rate for the third time this year.

The central bank says rising inflation is behind the decision for the hike to 4.35%.

Fresh ABS data points to strong growth in household spending volumes in March, despite fuel prices.

Westpac says 37 per cent of customer loans are more than two years ahead on repayments – just one per cent are behind.

Australians are embracing electric vehicles at record levels – with EVs in orange on the chart accounting for more than 16 per cent of all new car sales in April.

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