RBA interest rates live: Reserve Bank of Australia meeting today before cash rate decision and announcement – latest news
Summary
The Reserve Bank of Australia is widely expected to raise its cash rate by 0.25 percentage points to 4.85%, which would be its fifth increase this year and the highest level in 18 years. Treasurer Jim Chalmers said Australians were already under pressure and warned a rise would make conditions harder; he also said the government was reviewing spending and savings for its December budget update.Key Facts
- The RBA was due to hold its board meeting on Tuesday and announce its cash-rate decision.
- The expected increase was 0.25 percentage points, taking the cash rate to 4.85%.
- If made, the increase would be the fifth rate rise this year and put the cash rate at its highest level in 18 years.
- Treasurer Jim Chalmers said Australians were bracing for a difficult decision and that another rise would add to pressure on households.
- Chalmers said the government was reviewing spending pressures, economic forecasts, and savings options ahead of a December budget update.
- The government’s expenditure review committee met on Monday and was scheduled to meet again on Wednesday.
- Prime Minister Anthony Albanese was in Antigua and Barbuda for the Commonwealth heads of government meeting at King Charles’s request.
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