, with a new survey finding the income required to buy the average house is far more than most workers earn.
The required salary falls to just under $130,000 to buy the average $659,130 apartment, still well out of reach for a single-income household. While the increase was largely expected, it has led to significant criticism due to the disproportionate impact it will have on low-income earners. Higher-than-expected inflation figures late last month had economists tipping today's rates rise, but subsequent data revealed petrol prices – which are set internationally and not impacted by interest rates – and increasing mortgages were driving the higher cost of living.The Reserve Bank hiked the cash rate to 4.35 per cent – its 13th rise since last May.
"The RBA's monetary policy tightening is yet to adversely impact the lagging indicators of economic activity like unemployment or inflation.
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RBA interest rates: stars align for the Australian dollar ahead of Reserve Bank meetingThe $A held above US65¢ on Monday bolstered by a weak US dollar and expectations of the first interest rate rise in Australia since June.
Source: FinancialReview - 🏆 2. / 90 Read more »
Interest rate rise would see almost half of Australian mortgage holders under financial stressRecord level of stressed households projected as all but four of 39 economists in survey tip Melbourne Cup Day hike
Source: GuardianAus - 🏆 1. / 98 Read more »
Reserve Bank interest rate: Jim Chalmers shores up Michele Bullock’s inflation-fighting authorityThat’s a helpful development ahead of Tuesday’s RBA board meeting and amid concerns over political pressure not to lift interest rates further.
Source: FinancialReview - 🏆 2. / 90 Read more »
If interest rates rise again, it may be because inflation fears lost their anchor to realityThe issue of ‘consumer expectations’ of inflation is hotly debated by economists, and might be a key factor in the Reserve Bank’s decision
Source: GuardianAus - 🏆 1. / 98 Read more »
ASX to rise after interest rate hopes boost US sharesThe sharemarket is set to open higher on Monday, after Wall Street bounced last week amid hopes the US Federal Reserve will keep interest rates on hold.
Source: theage - 🏆 8. / 77 Read more »
ASX to rise after interest rate hopes boost US sharesThe sharemarket is set to open higher on Monday, after Wall Street bounced last week amid hopes the US Federal Reserve will keep interest rates on hold.
Source: smh - 🏆 6. / 80 Read more »