RBA Increases Interest Rates from 4.10% to 4.35%
Nov 7, 2023
business loans, Commercial Loan Interest rates, Fixed Rates, Home Loans, Interest Rates, Investment Loans
by Administrator
The Reserve Bank of Australia (RBA) decided to increase the cash interest rate by 0.25% in its November 2023 meeting. This will increase the cash rate from 4.10% to 4.35% which will result in a hir mortgage holders paying more for their home, investment, business and commercial loans.
The decision in November followed the release of new inflation data indicating a surge in price pressures during the September quarter. Rising costs for fuel, rents, and labor-intensive services contributed to headline inflation reaching 1.2% in the September quarter, up from 0.8% in June.
Other factors such as a rebound in property prices, ongoing services inflation, and a strong job market led to inflationary pressures being more persistent than anticipated by the Reserve Bank of Australia (RBA). This situation compelled the central bank to raise rates for the 13th time, aiming to bring inflation back within its target range of 2 to 3%.
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