Up they go again, interest rates have been lifted by 0.25% by the Reserve Bank, that is less than the 0.5% that was widely expected.
It’s the 6th consecutive increase for a new cash rate of 2,6%.
Money expert Ross Greenwood reading out the Bank’s rationale to Sky News.
“It seems today’s further increase in interest rates will help achieve a more sustainable balance of demand and supply in the Australian economy, it’s necessary to bring inflation back down, the Board expects to increase interest rates further in the period ahead.”
Rob Mallett from Tasmania’s Small Business Council telling Tasmania Talks, as interest rates put the brakes on parts of the construction industry, projects such as a new waterfront stadium for Hobart become more important than ever.
“The housing market is going to slow down, people who want to renovate or build new houses that aren’t publicly funded or supported are going to reduce and so those tradies, the last thing we can afford them to do is to be hopping into their ute and toddling off to the mainland looking for business.”