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Just one advanced country will have higher rates if RBA hikes
Australia will have the highest cash rate in the developed world bar one country if Reserve Bank governor Michele Bullock delivers an interest rate rise as expected on Tuesday, undercutting the Albanese government’s efforts to convince voters it is helping with the cost of living.
Financial markets are certain the nine-member RBA board will deliver its fourth rate rise of the year, after a run of stronger-than-expected data pointed to stubborn domestic inflation pressures and an economy running beyond capacity.
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VIDEO: Interest rates set to stay higher for longer, says economist Chris Richardson
Independent economist Chris Richardson says the economy needs to take its metaphorical medicine to bring inflation down.
Independent economist Chris Richardson says the economy needs to take its metaphorical medicine to bring inflation down.
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RBA expected to hike cash rate to 4.6%, its highest level since 2011
Outcome of meetings of Reserve Bank on Monday and Tuesday will affect Australian mortgage rates, household budgets and house prices
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Australia’s key interest rate is expected to hit its highest level since 2011, drag down house prices and add more than $100 to typical monthly mortgage repayments.
The Reserve Bank board is poised to hike the cash rate from 4.35% to 4.6% on Tuesday, which would be the fourth increase in 2026 and push typical home loan interest rates to 6.5%.
For someone with an average-sized new mortgage of $731,000, now paying a rate of 6.2%, an increase would add about $119 to their $4,477 monthly repayments. That would take the total rise in repayments since January to nearly $480.
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