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RBA lifts official interest rate
RBA lifts official interest rate
The Reserve Bank of Australia lifted the official cash rate by 25 basis points at its meeting Today.
The RBA board decided to increase the rate from a record low of 0.1%, to 0.35% and the interest rate on exchange settlement balances was lifted 25 percent to 0.25%.
The board judged that now was the right time to begin withdrawing some of the extraordinary monetary support provided to help the Australian economy through the pandemic.
The resilience of the Australian economy is particularly evident in the labour market, with unemployment declining over recent months to 4%, according to RBA Governor Philip Lowe.
“Both job vacancies and job ads are also at high levels,” he said.
“The central forecast is for the unemployment rate to decline to around 3.5% by early 2023.”
Lowe went on to say that inflation was significantly higher than expected a year ago, although it remained lower than in most other advanced economies.
Published:Tuesday, 3rd May 2022
Source: financialservicesonline.com.au
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Time to Refinance?
If you are seeking lower rates, lower fees and more flexibility in your home loan. you are in luck! Our national panel of mortgage brokers is looking forward to an opportunity to assist you. Apply online for a free eligibility assessment and one of our broker network refinance specialists will get on the case to track down the best deal for your individual circumstances. Without any obligation and at no charge to you.
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Personal Loan:
A Personal Loan is a means of obtaining finance from a financial institution or financial product provider and the lending criteria usually depends on criteria such as personal income and expenses, assets and liabilities, employment status and previo
A Personal Loan is a means of obtaining finance from a financial institution or financial product provider and the lending criteria usually depends on criteria such as personal income and expenses, assets and liabilities, employment status and previo
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