RBA hikes interest rate to 18-year high | How households and mortgages will be hit | Banks react
The first Tuesday in November the date of the race that stops the nation but this year its rates and runaway inflation that millions of Australians are anxiously watching.
The Reserve Bank has announced another increase in the cash rate, pushing it to 4.85 percent – the highest rate in 18 years.
The decision of the Board was not unanimous, the vote was six in favour and three against.
It will hit household mortgages in an attempt to cool the economy and avoid much tougher economic pain down the line.
00:00 A fifth increase for the year as the Reserve Bank looks to rein in spending
03:42 The banks begin responding to the RBA’s interest rate rise
05:16 The RBA also released its quarterly Statement on Monetary Policy today – in it, its latest economic forecasts
06:54 CommBank revised its peak-to-trough price expectations today – and, with a 14 percent fall nationally – it says, it would be the largest downtown on record
07:40 Despite the day’s news, the ASX rose, though the Australian dollar lost ground against the greenback
08:28 Shares of Apple tumbled in after hours trade, despite posting higher profit on record revenue
09:08 The oil price tumbled on hopes of a resolution to the conflict in the Middle East
09:24 Australians want to know when AI has been used to create content in the media, amid concerns about trust and transparency
Ricardo Gonçalves breaks down the day’s financial news in On The Money.
#RBA #InterestRates #Mortgages #Inflation #ASX #HousePrices
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