BREAKING: Australian mortgage holders have been hit with fresh financial pain following the Reserve Bank of Australia’s 10th consecutive cash rate hike. 7NEWS at 6pm | 7NEWS
The March decision marks the tenth consecutive increase since the cash rate was at a pandemic-low 0.1 per cent.
“It’s going to be incredibly tough for families with mortgages. Quite frankly, I don’t know how a lot of them are doing it at the moment,” he told Sky News. The RBA adjusts the cash rate in an attempt to rein in inflation, which most recently was reported to be 7.4 per cent in the 12 months to January.
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