Melbourne, Australia – The Reserve Bank of Australia has raised interest rates again. The Reserve Bank has hiked interest rates for the fourth consecutive month after rising inflation.
Badger rose by 50 basis points during the Reserve Bank’s monthly meeting. In other words, Australian interest rates have increased by 0.5% this month. With the latest increase, Australia’s interest rate has reached 1.85. In July, this rate was 1.35 percent. This is the first time since 1990 that the Reserve Bank has raised interest rates for the fourth consecutive month. The current increase follows a rise in annual inflation last week. which reached 6.1 percent.
Economists have said that this inflation is the highest since 2001.
With the increase in interest rates on Tuesday, people who have taken a loan of 500,000 dollars for a house will have to pay an additional installment of 140 dollars per month.
