/ 01 November 2022

Rate rises haven’t stopped us from spending


The Reserve Bank will make its latest monthly interest rate announcement this afternoon. Currently sitting at 2.6%, the big 4 banks have made their predictions about how much of an increase we should expect… Westpac reckons it’ll be 0.5%, while CBA, ANZ and NAB suggested a more modest 0.25%. The Reserve Bank has increased rates every month since May, and coupled with a 32-year high inflation rate revealed last week, no one expects no movement given interest rates remain the primary weapon against inflation. If the rate is lifted to 3.1%, it would add about $30 more in monthly mortgage repayments for each $100,000 borrowed. Not that it’s deterred Aussies from spending at the shops – September’s retail sales were up 0.6% on August to a record $35.1 billion.

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