๐๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ฅ๐ถ๐๐ฒ๐ ๐๐ผ ๐ฑ.๐ฒ%
It was only a few weeks ago that most economists thought interest rates had peaked. Now, after the latest inflation figures, the Reserve Bank of Australia (RBA) might be about to hike the cash rate again.
Inflation has now risen for two consecutive months, from 4.9% in July to 5.2% in August and 5.6% in September, according to the Australian Bureau of Statistics' monthly consumer price indicator.
The reason the RBA previously made a series of cash rate increases was to reduce demand in the economy and thereby return inflation to its target range of 2-3%.
In a speech on October 24, Reserve Bank governor Michele Bullock said the RBA is focusing on โbringing inflation back to target within a reasonable timeframeโ and โwill not hesitate to raise the cash rate further if there is a material upward revision to the outlook for inflationโ.
The RBAโs next monetary policy meeting will be held on Tuesday November 7.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
