Reserve Bank raises interest rates again

More Hunter homeowners have been plunged into mortgage stress today.

The Reserve Bank of Australia has hiked the cash rate by half a per cent to 0.85 in a bid to put downward pressure on inflation.

It was a bigger jump than anticipated and the largest hike to the rate since 200. It marks the second rise in as many months with more to come before the end of the year.

Some families will struggle to make ends meet after today’s adjustment, which will add $133 a month to the average $500,000 dollar loan.

Federal Treasurer Jim Chalmers says it’s difficult news for homeowners already facing skyrocketing costs of living.

“A better future awaits but first we have to navigate together this inflation challenge we inherited, and the rising interest rates that accompany it,” Mr Chalmers said.

Image: Foreign Brief

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