RBA cash rate raised to 2.85%

For the seventh consecutive month, the Reserve Bank of Australia (RBA) opted to raise the official cash rate, this time by 0.25%, from 2.60% to 2.85%.

Recent data on inflation showed that inflation rose by a significant 1.8% in the third quarter after increasing by the same amount in the second.

As the RBA fights inflation, this hike comes after higher-than-expected Consumer Price Index (CPI) statistics for the September quarter.

As a result, it is anticipated that the RBA will raise the cash rate once again in December in an effort to reduce inflation.

Please don’t hesitate to get in touch if you’d want to talk about what this news implies for you and your finances.