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The Reserve Bank of Australia raised interest rates by 25 basis points to 4.35%, marking the third consecutive hike, amid concerns that the Middle East oil crisis could exacerbate inflation. This decision, approved in an 8-1 vote, was influenced by the recent chaos in the Strait of Hormuz, which has led to a surge in fuel costs globally. As a result, homeowners with a typical $600,000 mortgage now face an additional $270 per month in repayments. While the bank aims to control inflation without jeopardizing employment, headline inflation has reached 4.6% through March, and analysts predict further pain due to soaring fuel prices. The banks updated forecasts indicate higher short-term inflation, and traders are eagerly awaiting Governor Michele Bullocks press conference to gauge the likelihood of future rate hikes.

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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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This is an automated, high-level news summary based on public reporting.
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https://sources.thednn.ai/c5c18690839a6465