Reserve Bank interest rates Australia

2022 - 7 - 5

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Image courtesy of "The Guardian"

Homeowners warned to expect at least two further rate hikes as ... (The Guardian)

Markets and economists are tipping a 50 basis point increase when the Reserve Bank meets on Tuesday, lifting the official cash rate from 0.85% to 1.35%, with ...

Westpac’s economics team has forecast the cash rate will increase to 2.35% by the end of this year and hit 2.60% by early 2023. If July’s rate rise is smaller than expected – for example, at 0.25% – the cumulative effect of the last three rate rises would be $264 for a $500,000 loan. The RBA has responded by lifting the cash rate from the emergency levels of 0.1% set in November 2020, with a flurry of rate rises during election season in May, again in June and another expected on Tuesday. The RBA will then be guided by global developments and the inflation outlook, including the June quarter inflation result out at the end of July, he said. According to interest rate comparison service RateCity, the May and June rises and a further 0.5% increase in July will lift the monthly repayments on a $500,000 loan by $333. Markets and economists are tipping a 50 basis point increase when the Reserve Bank meets on Tuesday, lifting the official cash rate from 0.85% to 1.35%, with further rises expected throughout 2022.

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Image courtesy of "ABC News"

Why are interest rates going up? What does inflation have to do with ... (ABC News)

You've probably heard the Reserve Bank is likely to increase official interest rates when it meets again this afternoon.

"It's slow and takes a lot of effort to be precise. "The average person is going to have a difficult year ahead." There's a risk you go too hard and too fast and hit the iceberg. And the iceberg is a recession," she said. "Using interest rates is a bit like steering the Titanic," said Ms Hutley. - The official interest rate is going up to curb inflation

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Image courtesy of "3AW"

'Not going to be pretty': Another RBA rate hike looms (3AW)

Economists are expecting the Reserve Bank of Australia (RBA) to lift interest rates by 0.5 per cent this afternoon. It'll be the third rate rise in as many ...

“It’s not going to be pretty.” “Even with these hikes they’re not predicting inflation to start coming down until next year. ‘Not going to be pretty’: Another RBA rate hike looms

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Image courtesy of "NEWS.com.au"

$200 blow: What rate rise would mean (NEWS.com.au)

With the Reserve Bank of Australia (RBA) expected to continue increasing the national interest rate, expert economists are worried a recession may be on the ...

The major question is whether the official cash rate will rise to 1.1 or 1.35. Stream more finance news live & on demand with Flash. 25+ news channels in 1 place. “So while we’ll see an 0.5 per cent hike in July, the interest rate and inflation rate will slow down such that by the end of this year we’ll only see a cash rate rise of 2.1 per cent and ultimately a peak of 2.5 per cent by the end of the first half of next year,” he said. New to Flash? Try 1 month free. The larger increase would add more than $200. Dr Oliver said the cash rate was expected to continue to trend upwards for the rest of this year, but the rate of increase will likely be “slower” as the RBA seeks to balance the rise to cost of living pressures.

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Image courtesy of "7NEWS.com.au"

RBA cash rate decision Tuesday: How much will the reserve bank ... (7NEWS.com.au)

Mortgage holders are expected to be dealt a sizable blow when the RBA hands down its rates decision on Tuesday.

Westpac’s fixed rates are now well below the other big four banks’ rates, however, they’re unlikely to last long.” “CBA and NAB are not hiking in isolation. Someone with a $1 million mortgage would pay $265 more per month. Someone with a $750,000 mortgage would pay $199 more per month. Someone with a $600,000 mortgage would pay $159 more per month. According to home loan rate change calculator Mozo, someone with a $500,000 mortgage would pay $133 more per month if the variable rate changes from 3.11 per cent to 3.61 per cent.

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Image courtesy of "PerthNow"

RBA expect to raise the country's interest rate by 0.5 per cent (PerthNow)

The Reserve Bank of Australia is expected to raise the country's interest rate once again, adding to monthly household budgets.

Over the next couple of years, it will gradually come down,” he said. “I want to emphasise though that we are not on a preset path. “It’s hard to see the RBA opting for anything less than a double hike at this stage. The Commonwealth Bank of Australia raised its rates by 1.4 per cent last Thursday, while NAB increased its rates by up to 1.1 per cent the next day. How fast we increase interest rates, and how far we need to go, will be guided by the incoming data and the board’s assessment of the outlook for inflation and the labour market.” He has previously forecast that the inflation rate, which currently sits at 5.1 per cent, will increase to 7 per cent by the end of the year.

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Image courtesy of "NEWS.com.au"

Interest rate nightmare tipped to worsen (NEWS.com.au)

The Reserve Bank of Australia (RBA) is predicted to once again raise the country's interest rate, bringing more pain for mortgage holders.

Over the next couple of years, it will gradually come down,” he said. “I want to emphasise though that we are not on a preset path. “It’s hard to see the RBA opting for anything less than a double hike at this stage. How fast we increase interest rates, and how far we need to go, will be guided by the incoming data and the board’s assessment of the outlook for inflation and the labour market.” “The higher interest rates globally will help to create a more sustainable balance between the demand for goods and services and the ability of our economies to meet that demand,” he said to the American Chamber of Commerce in Australia last month. Governor Lowe has said the RBA is prepared to do what it takes to get inflation back into the target band and hiking rates now will send a message that the RBA is on the case.

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Image courtesy of "Daily Mail"

Interests rates Australia: Shocking numbers prove the property ... (Daily Mail)

Australia's capital city auction clearance rate has plunged to 55 per cent. A year ago, 72 per cent of homes sold under the hammer.

Monthly repayments based on popular Commonwealth Bank variable rate rising from 2.89 per cent to 3.39 per cent should the Reserve Bank cash rate in July rise from 0.85 per cent to 1.35 per cent PERTH: Up to 50 per cent from 33.3 per cent CANBERRA: Down to 51.2 per cent from 87.9 per cent NAB: Up 0.5 percentage points to 1.35 per cent ADELAIDE: Down to 71.3 per cent from 78 per cent WESTPAC: Up 0.5 percentage points to 1.35 per cent In Melbourne, it fell to 56.8 per cent from 73.1 per cent. BRISBANE: Down to 43.8 per cent from 63.3 per cent Sydney's auction clearance rate has plunged to 52.5 per cent, from 70.5 per cent a year ago. Perth bucked the trend, with its auction clearance rate rising to 50 per cent from a particularly low 33.3 per cent a year ago. MELBOURNE: Down to 56.8 per cent from 73.1 per cent SYDNEY: Down to 52.5 per cent from 70.5 per cent

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