Last week, the Reserve Bank of Australia (RBA) increased the official cash rate by 0.50% to 0.85%. The RBA also increased the interest rate on Exchange Settlement balances by 50 basis points to 75 basis points.
‘Core’ inflation, which is currently 3.7%, is forecast to reach 4.6% by the December quarter – well above the RBA’s 2-3% target.
This is the second consecutive month the RBA has increased the official interest rate and expects to take further steps in the process of normalising monetary conditions in Australia over the months ahead.
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Disclaimer: The information contained on this page is general in nature. Professional advice should be sought before acting on any aspect on this page. TAG Finance and Loans Pty Ltd ABN 25 609 906 863 Credit Representative Number 483873 National Mortgage Brokers Pty Ltd ABN 88 093 874 376 Australian Credit License 391209.