has hiked interest rates for the fourth consecutive month, lifting the nation's cash rate target by 50 basis points to 1.85 per cent.
Are you struggling to make repayments with recent interest rate rises? We want to hear your story. Get in touch with reporter Stuart Marsh atA person with a $750,000 loan is now facing a monthly increase of $211 while those with a $1 million loan are facing a monthly increase of $281 . "A key source of uncertainty continues to be the behaviour of household spending. Higher inflation and higher interest rates are putting pressure on household budgets. Consumer confidence has also fallen and housing prices are declining in some markets after the large increases in recent years," he said.
"Rising interest rates, soaring inflation, energy prices and the general cost of living are already squeezing household budgets," he said. "The Reserve Bank of Australia has once again decided to raise the cash rate target. This is the fourth month in a row, indicating the level of concern that inflation is causing. Contributing to the decision was July's employment data which saw the unemployment rate drop to 3.5 per cent. There are now 600,000 more Australians employed than there were in March 2020 - an extraordinary increase," Thompson explains.
Speaking in question time, Treasurer Jim Chalmers has said while the RBA's interest rates hike isn't surprising, it will "still sting" Australians."This cycle of interest rate rises began before the election in response to inflationary pressures that began accelerating at the beginning of this year.
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