The Reserve Bank of Australia has announced its interest rate decision for June, as Australians continue to grapple with inflation and the rising cost of living.
Governor of the Reserve Bank of Australia Philip Lowe has handed down the official cash rate decision for June.Mortgage holders across Australia are in for more repayment pain after the Reserve Bank of Australia chose to hikeFollowing its June meeting on Tuesday, the RBA announced the cash rate would rise by 0.25 percentage points, from 3.85 per cent to 4.10 per cent.
"Inflation in Australia has passed its peak, but at 7 per cent is still too high and it will be some time yet before it is back in the target range," RBA Governor Philip Lowe said in a statement. "This further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe."
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