Federal Treasurer Jim Chalmers says while this will undoubtedly cause difficulties for Australian home owners struggling with mortgage repayments, rate hikes are necessary to combat inflation.
The interest rate hike: Are you affected?
Reserve Bank of Australia headquarters in Sydney (AAP). Source: AAP / FLAVIO BRANCALEONE/AAPIMAGE
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In a move that has taken markets by surprise, the Reserve Bank ((RBA)) has lifted interest rates again after a month-long pause. The Bank has lifted rates by 25 basis points to 3.85 per cent, making Australia's interest rates the highest they have been for 11 years, while still at a relatively low level.
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