The Reserve Bank has announced an increase of 0.50% for the Official Cash Rate.
This is the 2nd consecutive rate increase and was widely anticipated to be the RBA strategy to combat the inflationary pressures currently experienced in the Australian economy.
Senior Economists predict the RBA will be forced to announce further rate increases if the current high spending levels and rising prices continues.
Borrowers will be considering their interest rate options as the Variable Interest Rates offered by many banks are currently lower than Fixed Interest Rates … but how long will this last ???
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