The Reserve Bank of Australia meets today to decide if any further cash rate rises are needed to curb escalating inflation across the country.
The news isn't looking good for homeowners amid some dire predictions the central bank could raise rates well into 2023.
Expectations are the RBA may raise rates by 50 basis points today marking another jolt to struggling families across the country.
Stay with ACM for the all the breaking news as well as the latest decision from today's RBA meeting here:
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Raising the cash rate will impact millions of home borrowers across the country who will face added interest payments, adding to the pain already experienced from the rising cost of living.
With the RBA's expected hike, someone with a mortgage size of $750,000 could face a monthly jump in repayments between $100 and $200.
July's potential hike will likely bring the cash rate to above one per cent for the first time since 2019 and mark the third consecutive month where the central bank has attempted to cool down inflation, which is running at an annual rate of 5.1 per cent.
IN OTHER NEWS:
- with Canberra Times and Real Estate View.
