SBS Punjabi

Reserve Bank of Australia's rate rise set to have broad impact

SBS Punjabi

Ramona Gupta, who recently purchased a home in Rockdale, NSW.

Ramona Gupta, who recently purchased a home in Rockdale, NSW. Source: Supplied


Published 4 May 2022 at 5:01pm
By Sunil Awasthi, Rena Sarumpaet
Presented by Jasdeep Kaur
Source: SBS

The Reserve Bank of Australia has raised interest rates which is set to have broad impact on community.


Published 4 May 2022 at 5:01pm
By Sunil Awasthi, Rena Sarumpaet
Presented by Jasdeep Kaur
Source: SBS


The Reserve Bank has raised interest rates by 25 basis points, from a historic low 0.1 per cent, to 0.35 per cent. It's the first interest rate rise in eleven years. 

Indian-born Ramona Gupta started saving for her first home when she was 18 years old. Now aged in her thirties, the health worker has bought a two-bedroom apartment in the southern Sydney suburb of Rockdale.

But the Reserve Bank's decision to raise the cash rate has made her nervous.

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Paul Versteege, Policy Manager for the Combined Pensioners and Superannuants Association of New South Wales,  says there are some in the community who do benefit from higher interest rates.

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