07/11/2023
The Reserve Bank of Australia (RBA) has hit borrowers with a timely Melbourne Cup Day interest rate rise, choosing to lift the nation's cash rate target by 25 basis points.
After four months of stability at 4.10 per cent, the central bank chose to lift the cash rate to 4.35 per cent in a bid to tackle enduringly persistent levels of inflation.
For the average Australian borrower with a $500,000 mortgage, today's rise means many will be forking out an additional $76 per month, and an extra $1210 since rates began rising in May 2022.
