Reserve Bank warns of more rate pain ahead
Reserve Bank Governor Michele Bullock has warned Parliament that inflation remains too high at 3.5% and hasn't ruled out further interest rate increases at the RBA's September 29th meeting. Inflation is being fuelled by the Middle East war, surging petrol prices potentially reaching $2.60 per litre, and by the AI and data centre construction boom. Some economists predict three rate hikes could push the official cash rate above 5%, forcing mortgage holders to pay more than 7% interest.See omnystudio.com/listener for privacy information.
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