A shocking interest rate move in England overnight could spell further mortgage woes for Australian homeowners already crippled by high interest rates.
The Bank of England has raised interest rates by a further 50 basis points, bringing the cash rate to a 15 year high.Nine finance contributor John Kehoe said while Australia was doing “a bit better” with inflation at 7 per cent, there were still lessons to be learned from overseas.
"The Bank of England raised concerns of unsustainable wage rises, Philip Lowe, our governor, has been raising concerns that we don't want to go down that path because that fuels inflation higher. Meanwhile Prime Minister Anthony Albanese reminded reporters that he had no influence over Australia’s RBA when probed whether he showed similar support as Mr Sunak for rate hikes.
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