The Reserve Bank of Australia is expected to hike its cash rate to its highest level in over a decade, adding pressure to mortgage repayments and house prices, according to The Guardian.
The Reserve Bank of Australia is expected to lift its cash rate to 4.6%, adding pressure to household mortgage costs and the housing market.
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.
A government minister said the final budget outcome will shave A$6 billion off the deficit, while attention turns to a possible Reserve Bank interest rate move.
The anticipated increase would mark the fourth rate rise of 2026 and add to mortgage repayments for Australian households.
The Reserve Bank of Australia's efforts to curb inflation are being complicated by the collapse of the US-Iran ceasefire, rising oil prices and data-centre investment, according to the Guardian.