Australia’s Interest Rate Hits Highest Mark Since 2008

Now in the developed world, only Iceland has a higher official interest rate.

Australia’s Interest Rate Hits Highest Mark Since 2008

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.

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