Australia's Cash Rate Hiked to 4.35%, Economic Growth Cut in Half
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Australia's Cash Rate Hiked to 4.35%, Economic Growth Cut in Half
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概要
The Reserve Bank of Australia raises cash rate to 4.35%, marking third consecutive hike, to combat soaring inflation driven by escalating fuel costs due to the Iran conflict. This move significantly impacts mortgage holders, exacerbating financial strain amidst rising living costs. The bank predicts economic growth to halve to 1.3% this year and inflation to peak at 4.8% by mid-year. Over three million Australian households with home loans are affected, with the federal budget looming. Despite the rate increase, Australia is expected to avoid a full recession, even in worst-case scenarios involving prolonged Middle East conflict and high oil prices.
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