RBA interest rate

Tuesday, June 7, 2022 Edit

This is a critical week for the future of the economy. It found that about 80 per cent of Aussie borrowers have a war chest worth as much as 100000 plus saying theyll be good for a while as RBA moves into aggressive hikes.

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The Reserve Bank sets the target cash rate which is the market interest rate on overnight funds.

. Four out of five Aussie borrowers are ready for whatever RBA throws at them packing interest rate war chests the size of which would shock many a new survey found. What matters more than the amount of increase is how the message is sent. The central bank said the economy had proven to be resilient while inflation had picked.

This was the first rate hike since November 2010 with the board flagging further tightening to come as it seeks to tame surging prices. Official rates were slashed to a record low of 01 per cent in 2020 as an emergency response to the coronavirus pandemic. The Reserve Bank Board is responsible for formulating monetary policy.

Since the decision to make the first move on May 3 we have consistently argued that the best decision will be to move by 40 basis points. Why the RBA should lift interest rate to 05pc this week. The central bank last raised the official cash rate by 025 basis points.

The RBA is almost certain to raise the cash rate next week. Since March 2020 the Reserve Bank has also set a target for the yield on 3-year Australian Government bonds. The Reserve Bank of Australia raised the cash rate by 25 bps to 035 during its May 2022 meeting larger than market consensus of a 15 bps hike.

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