February Interest Rate Rise: RBA Bulldozer to Hurt the Aussie Economy

Australian Property Talk

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The Reserve Bank of Australia has just lifted interest rates by another 0.25%, in a call widely expected by most economists. The cumulative impact of 9 consecutive interest rate rises is an increase in repayments of ~$1,950 for a $1 million mortgage. That is 50% rise in mortgage repayments in under 12 months!
In this pod, we unpack WHY the RBA made their rate decision, and what is likely to happen next.
What drove this interest rate increase decision?
> Inflation is well above their target band, and is at 6.9% in underlying terms, above expectations.
> They noted that 'tighter financial conditions will constrain spending more broadly' in 2023 and beyond.
> They did note some adjustments to their inflation expectation timeframes & unemployment estimates. Further details will be released in the Statement of Monetary Policy released tomorrow.
> The RBA continue to monitor labour costs to ensure that the economy does not enter a wage-price spiral.
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