Bullock doesn’t see ‘economy cracking at this point’ – as it happened
Executive Intelligence Dispatch
The Reserve Bank of Australia (RBA) has raised interest rates for the fifth time this year to 4.85%, aiming to control surging inflation amid the global oil shock.
Key Facts & Findings
- —Interest rate hike from 4.6% to 4.85%
- —Inflation jumped to 4.3% in the year to September
- —Over 3.3m households with home loans will be affected by the increase
“people are under substantial pressure already”
“higher borrowing costs would make things much harder”
The RBA's decision will heap more pain on households with home loans and put pressure on the federal government's economic management.
The RBA's cash rate has reached its highest level since 2008, with the next decision expected in the coming months
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Bullock doesn’t see ‘economy cracking at this point’ – as it happened
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