Published: April 9, 2025
The Reserve Bank of Australia (RBA) has once again increased the cash rate by 25 basis points, pushing the national interest rate to 4.35% — the highest it's been in over a decade.
"Further increases in interest rates are likely to be required to ensure that inflation returns to target," said RBA Governor Michele Bullock in a statement on Tuesday.
— ABC News
For an average $600,000 mortgage, this hike could mean an extra $95/month in repayments. That’s an annual increase of over $1,100. If you’re on a variable rate, now’s the time to review your lender’s offer.
Higher rates don’t just affect home loans. Personal loans and credit cards could see increases too, making your monthly repayments heavier. If you’re carrying credit card debt, consider consolidating or negotiating a lower rate.
On the upside, savings accounts are seeing marginal improvements. Banks like ING and UBank are now offering rates above 4% on some accounts — a rare opportunity to make your money work.
Retailers are already feeling the pinch, with discretionary spending dropping. According to ABS data, retail turnover fell 0.4% in March, showing that consumers are pulling back.
Stay informed, stay sharp — and don’t let rising rates stack against you. For ongoing coverage and money moves that matter, stick with StackD.
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