The Reserve Bank of Australia has increased its cash rate by 0.25 percentage points to 4.85 per cent, adding pressure on households managing mortgage repayments. The new rate takes effect today.
The increase is the fifth this year and takes the cash rate to its highest level since late 2008. The decision divided the monetary policy board, with six members supporting the rise and three favouring no change.
RBA Governor Michele Bullock acknowledged the hardship facing borrowers but said inflation remained too high. She said the decision aimed to ease pressure on the economy’s capacity and bring demand and supply back into balance.
Australian lenders are responding by raising variable mortgage rates, with increases due to begin taking effect from mid-November. The timing and impact will depend on each lender and loan.
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