Third rate hike in May isn't off the table, says Westpac chief economist | ABC NEWS

Описание: The Reserve Bank has doubled down on inflation, delivering the second rate hike in two months and lifting the official cash rate to 4.1 per cent. But the decision was split with four out of nine board members voting in favour of keeping interest rates on hold. The RBA governor Michele Bullock said the division was about the timing of the rate hike and not the move. She says the board agreed the cash rate of 3.85 per cent was insufficient to curb inflation. Westpac chief economist and former RBA assistant governor economic Luci Ellis says a third rate hike in May isn't off the table, although it is probably less likely. The RBA governor Michele Bullocks says the board is closely watching domestic data and the economic impact of the Middle East war and will act accordingly. Today's rate rise will put mortgage borrowers under pressure increasing minimum monthly repayments on a one-million dollar home loan by $151 per month. The cumulative increase from the February and March rate hikes is an additional $301 per month.

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