What the RBA wants Australians to do next to fight inflation – or risk more rate hikes
When the Reserve Bank of Australia (RBA) board voted unanimously to lift the cash rate to 3.85% on Tuesday, the decision was driven by one overriding concern. It wants to stop the rising cost of living from becoming entrenched. For some, like self-funded retirees, the rate rise was good news. Higher interest means their savings and term deposits will earn more. But for many others, including first home buyers who might have stretched themselves just to get a foot into the housing market, it was a very bad day. RBA Governor Michele Bullock acknowledged that, saying: I know this is not the news that Australians with mortgages want to hear, but it is the right thing for the economy. ….[READ]
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