Key Points
- The rise means an additional $77 will be added to monthly repayments on a $500,000 loan.
- NAB, Westpac and ANZ expect the cash rate will reach 4.1 per cent by June 2023.
- The increased rate will also impact the mental health of Australians.
RBA announces tenth consecutive interest rate rise
Treasurer Jim Chalmers before the Reserve Bank’s decision to raise interest rates during Question Time in the House of Representatives at Parliament House in Canberra, Tuesday, March 7, 2023. (AAP Image/Mick Tsikas) NO ARCHIVING Source: AAP / MICK TSIKAS/AAPIMAGE
The Reserve Bank of Australia has increased interest rates for the tenth consecutive time, bringing the current cash rate to 3.6 per cent.
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