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Reserve Bank of Australia raises cash rate to 4.6%
The Reserve Bank of Australia (RBA) has increased the cash rate to 4.6 per cent, marking its highest level in 15 years. RBA Governor Michele Bullock indicated that the rate hike is a response to demand outstripping supply and low productivity growth.
For the average Australian mortgage holder, this latest increase adds nearly $1,500 in annual repayments, bringing the total additional annual cost from this year's four rate hikes to approximately $5,500. As inflation remains above target, financial markets are currently pricing in the possibility of a further rate increase in November.
Entities
Anthony Albanese · Dateline Resources · Michele Bullock · Reserve Bank of Australia
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Markets are pricing in a possibility of another interest rate increase in November due to persistent inflation. www.smh.com.au · www.brisbanetimes.com.au · www.theage.com.au
- [● 3 SOURCES] The Reserve Bank of Australia cash rate has increased to 4.6 per cent. www.smh.com.au · www.brisbanetimes.com.au · www.theage.com.au
- [● 3 SOURCES] RBA Governor Michele Bullock stated that demand is running too hard relative to supply and productivity growth is low. www.smh.com.au · www.brisbanetimes.com.au · www.theage.com.au
- [● 3 SOURCES] The current cash rate is the highest level seen in 15 years. www.smh.com.au · www.brisbanetimes.com.au · www.theage.com.au
- [● 3 SOURCES] The four rate hikes this year have resulted in an extra annual cost of approximately $5,500 for the average mortgage holder. www.smh.com.au · www.brisbanetimes.com.au · www.theage.com.au