Australia’s Interest Rate Hits Highest Mark Since 2008
Now in the developed world, only Iceland has a higher official interest rate.
TL;DR
- The Reserve Bank of Australia (RBA) has raised the official interest rate to 4.85%.
- This increase is expected to cause further financial hardship for mortgage holders.
- The RBA stated that inflation is broadly based and has revised its inflation outlook higher.
- Increased fuel and commodity prices, linked to the conflict in the Middle East, are contributing factors.