The Reserve Bank of Australia has raised the official cash rate by 50 basis points, and it is the fifth rise in a row.
For Australians, the Reserve Bank of Australia's [RBA] rate hike — the fifth consecutive increase in as many months — coupled with the skyrocketing cost of living, could make such spending challenging to move forward.
The Reserve Bank board met on Tuesday 6 SEPT and announced the decision to raise interest rates by 50 basis points, bringing the official cash rate from 1.85 per cent to 2.35 per cent. The
An economist from the Motley Fool said given the current climate, R-B-A had no choice but to raise rates.
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