The RBA has increased the cash rate by 25 basis points
The Reserve Bank of Australia (RBA) announced the decision to increase the cash rate at its September monetary policy meeting. The cash rate is now at 4.60%.
This decision was widely anticipated by economists and major financial institutions, as the Australian economy continues to grapple with persistent inflationary pressures. The RBA's move underscores its commitment to tackling inflation, which has remained elevated. The RBA aims to maintain consumer price inflation (CPI) within a flexible target range of 2-3%.
What do cash rate changes mean for you?
The recent decision to increase the cash rate may result in changes to your existing home loan rates. Your bank will directly notify you of any adjustments to your rate. This change presents an ideal opportunity to assess your financial situation and evaluate whether you are optimising the best options available to you.
Email us today to arrange a review with one of our experienced team members at enquiry@wma.net.au
The Reserve Bank of Australia’s next schedule meeting
Looking ahead, the next meeting is November 2nd and 3rd, where further monetary policy decisions will be discussed.