Home > Latest News > RBA Lifts Cash Rate 50 Basis Points

RBA Lifts Cash Rate 50 Basis Points

As predicted, the Reserve Bank has lifted the cash rate 50 basis points to 1.85 per cent.

Analysts have downgraded predictions that the rate could hit 4.5 per cent later this year, now tipping the cash rate will peak at 3 per cent.

“The board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path,” RBA Governor Philip Lowe said.

“The board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time.”

Treasurer Jim Chalmers told press he expected banks to pass on interest rate increases to its customers, after saying it was “really disappointing” higher rates were not being passed on to savers.

“Savers have been the principal victims of interest rates when they’re incredibly low and they should be the beneficiaries of rising interest rates,” Chalmers said.

“They’ve been doing it tough for some time now and it’s time they got a bit of relief.”

Chalmers also noted the squeeze on mortgages.

“At the same time as they’re struggling with some of these other electricity prices and grocery prices and all the rest of it, we don’t underestimate or lightly dismiss the pressure on family budgets from these interest rate rises.”

 



You may also like
Inflation Drops To 3.2% Raising Hopes For Rate Cuts
Card payments (Image: Sourced from Unsplash)
ACCC Pushes RBA For Overhaul of Card Surcharge System
Under Pressure Retailers Calls For Reforms & New Government In 2025
Australia Reports Only Marginal GDP Growth
Inflation At Three-Year Low, But Will Rate Cuts Follow?

Popular Posts

Old Smart Devices Loom As Massive Security Risks
Latest News
/
/
JB Hi Fi Shares Surge Then Slump Despite Good January As Profit Takers Move In
Latest News
/
/
Woolworths Tightens Work From Home Rules
Latest News
/
/
Motorola Razr 50 Ultra
Motorola Razr 60 Ultra Expected To Feature Powerful Chipset
Latest News
/
/
Workplace intelligence by Wiley
Report Names 5 Top Workplace Challenges in 2025
Latest News
/
/

Digital Magazines

Recent Post

Old Smart Devices Loom As Massive Security Risks
Latest News
/
//
Comments are Off
Your smart lights, smart fridge, home router, smart TVs, thermostats, doorbells, and clever appliances will become a massive security threat...
Read More