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The RBA has no choice but to hike rates as US currency crown slips
Trust in America, and its currency, is fading fast. (ABC News: Giulio Saggin/File)
It is a phrase synonymous with American dominance, especially when it came to matters financial.
While it first appeared on a 2-cent coin in 1864, it wasn't officially adopted until 1956, when Dwight D Eisenhower declared it the national motto. Now, the phrase appears on every US coin and printed currency note.
With a hint of moral superiority, combined with equal parts US economic and military power, the greenback and its position as the world's reserve currency have symbolised America's global hegemony since the end of World War II.
Further interest rate hikes could ‘devastate’ property market without easing unaffordability
With RBA predicted to lift cash rate for fourth time this year on Tuesday, experts warn a fifth â or even sixth â rise would be âoverkillâ
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Two or even three more Reserve Bank interest rate hikes would be âdevastatingâ for the property market but still leave housing more unaffordable than ever as higher borrowing costs trump lower prices, experts say.
The RBAâs monetary policy board is widely expected on Tuesday afternoon to announce an increase in its cash rate to 4.6%, from 4.35%, in a decision that will add another $100 to the monthly mortgage interest bill on a $700,000 loan.
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Just one advanced country will have higher rates if RBA raises
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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