With the Reserve Bank meeting on Tuesday, economists warn this could be just one of four interest rate hikes before August, bringing the official cash rate to 4.1 per cent – pushing many to breaking point.
It looks like the Reserve Bank of Australia (RBA) is expected to lift the cash rate to 4.1 per cent on Tuesday, 7th February 2023. This would be yet another rate hike, taking the official cash rate to 3.35%.
The RBA has been gradually increasing the official cash rate in an effort to balance rising inflation and economic growth. Economists have warned that this could be just one of four interest rate hikes before August.
Borrowers should be prepared for a possible 0.25% increase in their interest rates when the RBA meets on Tuesday. This could mean higher monthly payments for those with mortgages and other loans, but it could also lead to increased savings for those with deposits and investments in banks or other financial institutions.
It’s important to stay up-to-date with changes in interest rates so you can make informed decisions about your finances. Make sure you understand how any changes will affect your budget and plan accordingly.
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