๐ฅ๐๐ ๐ง๐ถ๐ด๐ต๐๐ฒ๐ป๐ ๐ ๐ผ๐ป๐ฒ๐๐ฎ๐ฟ๐ ๐ฃ๐ผ๐น๐ถ๐ฐ๐
The Reserve Bank of Australia (RBA) has increased the cash rate from 4.10% to 4.35% (see graph), after previously leaving it on hold for four consecutive months.
In a statement announcing the decision, RBA governor Michele Bullock said the aim of the rate rise was to cool the economy, and thereby reduce inflation (currently 5.6%) to its target range of 2-3%.
Governor Bullock said that while inflation โhas passed its peakโ (after reaching 8.4% in December) it was โstill too high and is proving more persistent than expected a few months agoโ.
As a result, โan increase in interest rates was warranted today to be more assured that inflation would return to target in a reasonable timeframeโ.
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.
