ausbiz TV: Rate hike comes as housing downturn deepens

ausbiz TV

I joined Anna at ausbiz TV to take through today's interest rate hike to a cash rate target of 4.85 per cent, the highest since 2008.

After a split decision by 6 votes to 3, the Aussie 3-year bond yield fell to 4.76 per cent as markets assessed that the Reserve Bank of Australia will now pause interest rates for a long period.

Forecasts for public demand remain strong, but the unemployment rate is expected to rise to above 5 per cent next year. 

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