RBA rate hike to 4.6% expected to be highest since 2011, Chalmers says
Treasurer Jim Chalmers said there is a "near universal expectation" that interest rates will rise worldwide, as Australia's central bank is tipped to lift its cash rate to the highest level in over a decade.
Written by EGazette’s AI. The facts are drawn from cited sources; the analysis is the AI’s own.
Australia's central bank is expected to raise its cash rate to 4.6%, which would be its highest level since 2011, according to reporting from The Guardian's live news coverage on Monday.
Treasurer Jim Chalmers said there is a "near universal expectation" that interest rates will rise worldwide, as central banks continue to respond to persistent inflationary pressure in major economies.
A rate rise to 4.6% would be expected to weigh on house prices and add more than $100 to typical monthly mortgage repayments for Australian borrowers, according to the report.
Separately, the same live news coverage reported that Mike Baird has resigned as chair of Cricket Australia. Baird, a former premier of New South Wales, had led the governing body's board; the report did not detail the reasons for his departure.
The developments were part of a broader live news update covering domestic politics and economic news in Australia on Monday. Further details on the Reserve Bank of Australia's formal rate decision were not immediately available.
Sources
- Australia news live: Chalmers says ‘near universal expectation’ interest rates will rise worldwide; Mike Baird resigns as Cricket Australia chair — The Guardian — World
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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