Since April last year, interest rates have risen consecutively, reaching its record highest level
The interest rate rise has increased by 3.25 per cent since April 2022, the most rapid increase in nearly three decades.
The RBA has decided to increase the cash rate target by a further 25 basis points this month up to 3.35 per cent.
“RBA Governor Philip Lowe said the Board expects that further increases in interest rates will be needed over the months ahead to ensure that inflation returns to target and that this period of high inflation is only temporary”
As unemployment rates and migration statistics rise the RBA will keep a close eye on these and update their decisions accordingly.
“Economists have noted some slowing in spending, with retail sales volumes falling 0.2 per cent over the quarter”.
“Treasurer Jim Chalmers noted that the Government is ready to deliver on cheaper early education and medicines and is working on electricity bill relief as well as spending restraint on the Federal Budget”.