With nobody surprised at the actions by the Reserve Bank of Australia in October , the official cash rate has increased by 25 basis points to 2.60% at the official board meeting.
The increase was the sixth in as many meetings. However, RBA governor Philip Lowe indicated in mid-September that the rapid increase in interest rates may soon come to a slow down.
Economists however, expect for further increases to come before the end of 2022 and warn Aussie homeowners to be prepared to knuckle down and stay on top of mounting financial pressures.
“At some point, it will be appropriate to slow the rate of increase in interest rates and the case for doing that becomes stronger as the level of interest rates increases,”
– RBA Governor philip lowe
Read the full October statement from the RBA here.
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