RBA raises cash rate by another 50 basis points to 1.35 per cent

[ozcopper]

The Reserve Bank has raised interest rates for the third month in a row with another massive hike set to add hundreds of dollars to monthly mortgage repayments for the average borrower.

After its July meeting this afternoon the RBA announced another 50 basis point increase, in line with market expectations, bringing the official cash rate target to 1.35 per cent.

The third back-to-back rise follows another shock 50 basis points in June ? the largest increase since February 2002 ? and 25 basis points in May.

More here: https://www.news.com.au/finance/economy/interest-rates/rba-tipped-to-raise-cash-rate-by-another-50-basis-points/news-story/1c46fab6bb9de8b6ce15f0c18358342d

 

[jason1]

Not sure who thought this was a shock as these reporters keep saying lol.
every one knows this is going to keep happening, they recon for it to actually start making a dent on inflation the interest rate will need tobe around the 7% mark, so there is allot more of this to come.

I do hope this smashes house prices, they need a kick down, and those who have used to much of their equity to buy cars, boats and funded their lifestyle, they deserve all that's coming their way

 

[STKR]

This is how the masses become financially literate....PAIN.

I'm going to be buying some cheap toys over the next year or so. I have no problem taking advantage of people's desperation, especially when they brought it on themselves.

 

[Administrator]

I have no problem taking advantage of people's desperation, especially when they brought it on themselves.

They didn't just bring it on themselves. They dragged everyone into it. I have absolutely no sympathy. I'll be putting in many low-ball offers when there's enough desperation.

 

[jason1]

I have no problem taking advantage of people's desperation, especially when they brought it on themselves.

They didn't just bring it on themselves. They dragged everyone into it. I have absolutely no sympathy. I'll be putting in many low-ball offers when there's enough desperation.

exactly, hopefully this ends the model people have become a custom to, which is them relying on their house value to continually increase so they have more room to borrow against it, in order to buy more fancy shit. This will be a wake up call of people packing bad debt ontop of acceptable debt.

And yes agree with you guys there will be some cheap toys in the next 18 months.

As soon as that first national lock down happened in 2020, it was bloody obvious this shit was going to happen, they had such a big opportunity to cut thier personal spending down and get money in the bank and getting way ahead on mortgages before this happened.

I sold two collector cars at the peek, and dropped all the cash on our investment property, so interest rates can be 18% again for all I care, had time to prepare for it and avoid packing on my debt while house prices were up. Its almost paid off now as a result and we only bought it in 2021
Wish one of those cars wasnt shipped to WA, i would have liked to have bought it back on the cheap ahaha

 

[jason1]

Oh and all those drop kicks the "stay safe", "were all in it together" general sheep population, those in the general population who ran around for the last 2+years calling for self inflicting, economic destroying covid closures, will be the same people fucken bitching and moaning about this. like fuck them and suck shit. Im fucken prepared they are not, their vaccination status and discrimination offers no fucken immunity from a self inflicted economic crash thats coming caused by their fear and stupid greedy spending habits