The Reserve Bank of Australia (RBA) has handed down a ninth-straight interest rate hike, lifting the nation’s official cash rate by 25 basis points from 3.1 per cent to 3.35 per cent. Business and finance reporter Chris Kohler reveals this figure will be a decade-high, adding more pressure on Australian households already enduring a cost of living crisis.
As anticipated for the ninth time in a row, the Reserve Bank of Australia (RBA) has chosen to raise the official cash rate, this time by 0.25% to 3.35%. The RBA is attempting to control inflation once again after December’s inflation rate of 7.8% was higher than anticipated.
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