The Reserve Bank has raised its key interest rate, making Australia the first developed nation to reverse the cycle of cuts triggered by the global financial crisis. Analysts say more increases are on the way.
Today’s 25-basis-point rise pushes the central bank’s cash rate to 3.25 per cent in a move that will add $40 to the average monthly payment for a typical $300,000 mortgage if it is passed on by commercial banks. The extra cost may stretch household budgets at a time when unemployment remains on the rise.
All four of the big banks – Commonwealth Bank, Westpac, National Australia Bank and ANZ – said they have placed their variable interest rates under review.
Source : www.watoday.com.au
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