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Interest rate warning as Aussies prepare for fifth consecutive hike

Interest rate warning as Aussies prepare for fifth consecutive hike y0jkd

Aussie homeowners are set to be slugged by the fifth interest rate rise in a row, which could cost households an extra $1000 a month. The Reserve Bank (RBA) is set to meet this afternoon for its September rates decision, with the Board widely expected to hike interest rates by another 50 basis points. That would take the official cash rate from 1. 85 per cent to 2. 35 per cent – which would see the average repayment on a $800, 000 mortgage soar to more than $4300 per month, an increase of $1000 from April, when the cash rate was just 0. 1 per cent. For the past four consecutive months, Australia’s central bank has increased the interest rate after a record low throughout the Covid pandemic. Four of those hikes, in June, July and August, have been by a whopping 50 basis points. If the RBA passes another 0. 5 per cent increase for September — as most economists forecast — then that means Australia will be caught in the throes of its most rapid tightening cycle for more than two decades. Now a leading economist has issued a grim warning that the RBA is “flying blind” and that rapid rate increases might not be the best long term strategy. The Commonwealth Bank’s Head of Economics Gareth Aird warned that economic data had not yet caught up to rate hikes and that it could push Australians beyond their limits.

Aussie homeowners are set
 to be slugged
 by the fifth interest rate
 rise in a row, which could cost households an extra $1000 a month.

The Reserve Bank (RBA) is set
 to meet
 this afternoon for its September rates
 decision, with the Board widely
expected
 to hike interest rates
 by another 50 basis points.

That would take the official cash rate
 from 1. 85 per cent to 2. 35 per cent – which would see
 the average repayment on a $800, 000 mortgage soar to more than $4300 per month, an increase of $1000 from April, when the cash rate
 was just
 0. 1 per cent.

For the past four consecutive months, Australia’s central bank has increased the interest rate
 after a record low throughout the Covid pandemic.

Four of those hikes, in June, July and August, have been by a whopping 50 basis points.

If the RBA passes another 0. 5 per cent increase for September — as most economists forecast — then that means Australia will be caught
 in the throes of its most rapid tightening cycle for more than two decades.

Now
 a leading economist has issued a grim warning that the RBA is “flying blind” and that rapid rate
 increases might not be the best long term strategy.

The Commonwealth Bank’s Head of Economics Gareth Aird warned that economic data had not yet
 caught up to rate
 hikes and that it could push Australians beyond their limits. 

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IELTS essay Interest rate warning as Aussies prepare for fifth consecutive hike

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