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1 hour ago
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Tess Ikonomou
Treasurer Jim Chalmers told ABC’s RN Australians are bracing for a “difficult decision” ahead of an expected rate hike.
Another rise would likely increase the cash rate to 4.85%, taking it to the highest level in 18 years.
People are under substantial pressure already, and obviously, if rates go up today, that will make things much harder, especially when there are already a number of rate rises in the system and their full effect hasn’t been felt yet
Regardless of the decision that the Reserve Bank takes independently this afternoon, we know that there is more work to do to make the budget as tight as it can be.
Welcome
Welcome to Guardian Australia’s live coverage of the Reserve Bank’s Tuesday board meeting.
It is widely expected the central bank will hike interest rates by 0.25 percentage points today to 4.85% – the fifth rate hike this year, and the highest level in 18 years.
Let’s begin.
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