{"id":42513,"date":"2023-03-08T12:06:40","date_gmt":"2023-03-07T23:06:40","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42513"},"modified":"2023-03-08T12:06:40","modified_gmt":"2023-03-07T23:06:40","slug":"reserve-bank-of-australia-hikes-interest-rates-for-tenth-consecutive-month-watch","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/reserve-bank-of-australia-hikes-interest-rates-for-tenth-consecutive-month-watch\/","title":{"rendered":"Reserve Bank of Australia hikes interest rates for tenth consecutive month | WATCH"},"content":{"rendered":"<p><strong>PHOTO:\u00a0 The Reserve Bank of Australia. SMH<\/strong><\/p>\n<p><a href=\"https:\/\/propertynoise.co.nz\/au\/?s=The+Reserve+Bank+of+Australia&amp;submit=Search\">The Reserve Bank of Australia<\/a> has handed down its decision on whether to hike interest rates for a tenth consecutive month.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">Australian mortgage holders have been hit with fresh financial pain following the Reserve Bank of Australia\u2019s tenth consecutive cash rate hike.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">The RBA on Tuesday handed down a 0.25 per cent increase to the official interest rate, bringing it to 3.6 per cent.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">The March decision marks the tenth consecutive increase since the cash rate was at a pandemic-low 0.1 per cent.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/reserve-bank-mistakes-in-firing-line-amid-first-review-in-decades-watch\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2018\/08\/Reserve-Bank-of-Australia-Governor-Philip-Lowe-460x270.jpg\" alt=\"Reserve Bank\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2018\/08\/Reserve-Bank-of-Australia-Governor-Philip-Lowe-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/reserve-bank-mistakes-in-firing-line-amid-first-review-in-decades-watch\/\" rel=\"bookmark\">Reserve Bank \u2018mistakes\u2019 in firing line amid first review in decades | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">It is expected that lenders will pass on the increase, RateCity.com.au research director Sally Tindall said.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">For the average owner-occupier with a $500,000 loan and 25 years remaining, this would see their repayments rise by $77.<\/p>\n<p><iframe title=\"Reserve Bank of Australia hikes interest rates for tenth consecutive month | 7NEWS\" width=\"1380\" height=\"776\" data-src=\"https:\/\/www.youtube.com\/embed\/IjlYe8NJVwY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" data-load-mode=\"0\"><\/iframe><\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">Aussies with a loan of $750k would see a $116 increase to their repayments in March, while those with a $1 million loan would see an increase of $154 to their monthly repayments.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">Tuesday\u2019s 0.25 percentage point rate increase is the tenth consecutive hike, the highest consecutive number on record.<\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"css-7sl3hd-StyledSubhead e188yva80\">Outlook subdued<\/h2>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cGlobal inflation remains very high,\u201d RBA governor Philip Lowe said in a statement following the announcement.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cIn headline terms it is moderating, although services price inflation remains elevated in many economies.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cIt will be some time before inflation is back to target rates.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cThe outlook for the global economy remains subdued, with below average growth expected this year and next.\u201d<\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"css-7sl3hd-StyledSubhead e188yva80\">Reducing inflation the priority<\/h2>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">The monthly CPI indicator \u201csuggests that inflation has peaked in Australia\u201d, Lowe said, but the RBA is still seeking to return it to the central bank\u2019s target of 2-3 per cent.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cThe board\u2019s priority is to return inflation to target,\u201d he said.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cHigh inflation makes life difficult for people and damages the functioning of the economy.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cAnd if high inflation were to become entrenched in people\u2019s expectations, it would be very costly to reduce later, involving even higher interest rates and a larger rise in unemployment.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cThe Board is seeking to return inflation to the 2\u20133 per cent target range while keeping the economy on an even keel, but the path to achieving a soft landing remains a narrow one.\u201d<\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"css-7sl3hd-StyledSubhead e188yva80\">Hit to mortgage holders<\/h2>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">Government Services Minister Bill Shorten said the rate hike would be difficult for mortgage holders.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cIt\u2019s going to be incredibly tough for families with mortgages. Quite frankly, I don\u2019t know how a lot of them are doing it at the moment,\u201d he told Sky News.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cI just want this cycle of pain to come to an end as soon as possible because at a certain point, it\u2019s almost counterproductive.\u201d<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/australias-misaligned-housing-market-at-risk-of-major-crash\/\"><img decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2021\/07\/Crash-460x270.jpg\" alt=\"Property Market Crash\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2021\/07\/Crash-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/australias-misaligned-housing-market-at-risk-of-major-crash\/\" rel=\"bookmark\">Australia\u2019s \u2018misaligned\u2019 housing market at risk of major crash | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">The RBA adjusts the cash rate in an attempt to rein in inflation, which most recently was reported to be 7.4 per cent in the 12 months to January.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">Though that\u2019s a softening from the previous month\u2019s rate of 8.4 per cent, it\u2019s still a far cry from the central bank\u2019s target of between two and three per cent.<\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"css-7sl3hd-StyledSubhead e188yva80\">Greens slam increase<\/h2>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">The Greens slammed the increase, saying it is \u201ca clear indication that the central bank is out of control and needs to be reined in\u201d.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cThe RBA\u2019s response to a problem it doesn\u2019t understand with a solution that doesn\u2019t suit is a form of institutional madness,\u201d Greens Economic Justice spokesperson Senator Nick McKim said.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cThe RBA itself has found that inflation is being primarily driven by supply side shocks and corporate profiteering, and has admitted that there is very little that monetary policy can do to offset supply shocks.\u201d<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">McKim said the interest rate rise was unnecessary given the RBA\u2019s admission that the monthly CPI indicator suggests inflation has peaked.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cThe government needs to wake up and take action to save renters and mortgage holders from being smashed by the RBA\u2019s dogmatic interest rate rises. Instead of continuing to sit on its hands, the government should tax corporate super profits and the super wealthy then work with us to freeze rents, raise income support, and put dental and mental health into Medicare.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">\u201cThe RBA\u2019s actions are exacerbating inequality and causing hardship for those who can least afford it.\u201d<\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"css-7sl3hd-StyledSubhead e188yva80\">Big four banks make dire predictions<\/h2>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">The big four banks predict that Tuesday\u2019s increase won\u2019t be the last.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">Commonwealth Bank anticipates the cash rate will hit 3.85 per cent in April before dropping by the end of the year.<\/p>\n<p class=\"css-1n6q21n-StyledParagraph e4e0a020\">Westpac, NAB and ANZ all expect the rate to peak at 4.1 per cent in May. Westpac expects the rate to drop to 2.35 per cent by December 2025, NAB expects it to drop to 3.1 per cent by May 2024 while ANZ forecasts a drop to 3.85 per cent by November 2024.<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/7news.com.au\/business\/finance\/reserve-bank-of-australia-hikes-interest-rates-for-tenth-consecutive-month-c-9960390\">7NEWS<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR IN NEW ZEALAND<\/span><\/h3>\n<ul class=\"wpp-list\">\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/real-estate-agent-ranks-1-among-century-21s-155000-worldwide\/\" target=\"_self\" rel=\"noopener\">Real estate agent ranks #1 among Century 21\u2019s 155,000 worldwide<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/claims-about-jacinda-arderns-wealth\/\" target=\"_self\" rel=\"noopener\">Claims about Jacinda Ardern\u2019s wealth<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/he-sometimes-struggled-to-pay-staff-but-owns-a-4m-holiday-home\/\" target=\"_self\" rel=\"noopener\">He sometimes struggled to pay staff, but owns a $4m holiday home<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/the-most-expensive-home-ever-auctioned-in-queensland\/\" target=\"_self\" rel=\"noopener\">The most expensive home ever auctioned in Queensland<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/cigarette-smugglers-six-bedroom-home-seized\/\" target=\"_self\" rel=\"noopener\">Cigarette smuggler\u2019s six-bedroom home seized<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/aussies-forced-into-selling-huge-new-rate-blow-for-homeowners-and-buyers\/\" target=\"_self\" rel=\"noopener\">AUSSIES FORCED INTO SELLING: Huge new rate blow for homeowners and buyers<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/abandoned-land-for-sale\/\" target=\"_self\" rel=\"noopener\">Abandoned land for sale<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/what-will-happen-to-hawkes-bay-house-prices-watch\/\" target=\"_self\" rel=\"noopener\">What will happen to Hawke\u2019s Bay house prices | WATCH<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/grand-designs-nz-penthouse-for-sale\/\" target=\"_self\" rel=\"noopener\">Grand Designs NZ penthouse for sale<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/the-ancient-stone-city-proof-of-nz-civilisation-before-kupe\/\" target=\"_self\" rel=\"noopener\">THE ANCIENT STONE CITY: Proof of NZ civilisation before Kupe<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO:\u00a0 The Reserve Bank of Australia. SMH The Reserve Bank<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/reserve-bank-of-australia-hikes-interest-rates-for-tenth-consecutive-month-watch\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":20806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478111920,478116691,478098512,478110823,478099154,478124863,478098522,478098579,478098510,478098609,478098509,478104568],"class_list":["entry","author-data123nz","post-42513","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-aussie-banks","tag-aussie-mortgage-rates","tag-australia","tag-australian-mortgages","tag-big-four-banks","tag-cash-rate-hike","tag-interest-rates","tag-property-market","tag-property-news","tag-rba","tag-real-estate-news","tag-the-reserve-bank-of-australia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reserve Bank of Australia hikes interest rates for tenth consecutive month | WATCH - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/reserve-bank-of-australia-hikes-interest-rates-for-tenth-consecutive-month-watch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserve Bank of Australia hikes interest rates for tenth consecutive month | WATCH - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO:\u00a0 The Reserve Bank of Australia. 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