![]() ![]() The Commonwealth Bank, Australia's biggest home lender, was among those expecting a rate rise but said this would be the last in this rate rise cycle. ![]() The 30-day interbank futures market had wrongly predicted a rate pause, and the cash rate peaking at 3.6 per cent, following March's rate rise.Ī Bloomberg survey of 30 analysts had 21 expecting no change to the cash rate and only nine correctly predicting a 25 basis point rate hike.įinancial markets had regarded a rate rise as a 12 per cent chance. That's based on a Commonwealth Bank variable rate rising by 25 basis points to 5.89 per cent, up from 5.64 per cent. The latest increase means a borrower with an average $600,000 mortgage will see monthly repayments rise by $95 to $3,555. 'Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve.' The Reserve Bank of Australia has surprised the experts by raising interest rates by 0.25 percentage points, taking the cash rate to 3.85 per cent ![]()
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