Millions of Australians will be weighed down by a $434 increase between now and Christmas
Australian mortgage holders already battling the cost of living crisis should seek an additional $434 before Christmas on forecasts of further rate hikes. The Reserve Bank of Australia this week raised interest rates by 0.5 percent, the third straight increase. Check out the full story in the video above Watch the latest News on Channel 7 or stream for free on 7plus >> This brings the official cash rate to 1.35 percent, with warnings of more gains on the horizon. Australia’s biggest lender, Commonwealth Bank, predicts another 0.75 percent increase over the rest of the year. Australia’s biggest lender, Commonwealth Bank, expects another 0.75 percent increase over the rest of the year. Credit: PICTURE CommSec Chief Economist Craig James said it would come in three separate gains of 0.25 percent. “Reserve Bank has not finished raising interest rates,” he said. “We can expect further rate hikes in the coming months. This is the most aggressive a Reserve Bank has ever done – we’