Mortgage holders such as businesses and households have been hit with the seventh successive rate rise. The Reserve Bank also revised up its inflation peak for this year, warning there were likely to be more rises to come.
Interest rates have been raised for seven months in a row in Australia.
This increase will have devastating repercussions for millions of Australians with mortgages, particularly business owners.
The Central Bank warned that inflation in Australia would pick up, as it did in most other countries.
A substantial increase in interest rates, and this will mean quite obviously substantial increases in interest repayments for most households, most of this will be impacting households or typically middle and potentially higher income households. So, certainly some pretty serious impacts for households' finances in the near futureBen Phillips - economist from the Australian National University [ANU]
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