10th consecutive rise by the RBA

The 10th consecutive rise and the highest level since May 2012 was announced today by the RBA. Increasing the cash rate by 25 basis points to 3.6%. This is not good news for both business and personal borrowers. Households will feel this further squeeze as their mortgage payments increase.

This is the aim of the RBA as they work to reduce inflation by keeping household spending down. Not only is this bad news for households but businesses that rely on our disposable income.

As we continue through 2023 there will be challenges for most Australians. All indications show that inflation has peaked which should give a little comfort that hopefully, this moderation will stabilise rate rises.