Megan Birot
Senior Digital Writer at Compare The Market Australia
Finance writer - your bestie for all things money, credit cards and consumer-related topics.
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Jun 26, 2023 |
comparethemarket.com.au | Megan Birot |Stephen Zeller
The Reserve Bank of Australia (RBA) has hiked interest rates by another 25 basis points − marking the 12th rate rise since May last year. RBA governor Philip Lowe announced the increase at the June Board meeting, citing persistently high inflation as a deciding factor. “Inflation in Australia has passed its peak, but at 7% is still too high and it will be some time yet before it is back in the target range,” Lowe said in a statement.
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