RBA hikes to 15-year high

Rate hikes

The Reserve Bank of Australia hiked interest rates for a 16th time under the present government.

This takes interest rates to a 15-year high of 4.60 per cent, and mortgage affordability to its worst level since the 1980s.

One good piece of news for the government, is that the central bank did at least consider holding rates today, and to that extent the presser was regarded as somewhat dovish.

Inflation figures for the month of August are out tomorrow morning, although Michele Bullock did note that not too much weight will be ascribed to one month of (historic) data, which is probably fair given that interest rates have been lifted four times this year already.

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