As expected, the Reserve Bank of Australia (RBA) lifted the cash rate target by 50 basis points to 1.35% at today’s board meeting.
This will mean people with variable mortgages will have increased repayments.
The effect will be to increase inflation and unemployment.
This is the third month in a row that the RBA has hiked rates, with further increases expected over the course of this year as the central bank seeks to contain rising inflation.
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