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The Reserve Bank has raised interest rates for the fourth month in a row, raising its target rate by half a percentage point. Key points: RBA has raised interest rates by 0.5 percentage point The target cash rate has now increased by 1.75 percentage points since early May to 1.85 percent A cash rate increase since early May will add about $472 per month to a $500,000 loan payment The RBA has now raised its benchmark interest rate by 1.75 percentage points since the first rate hike in May, with the target rate at 1.85 percent. In his post-meeting statement, Reserve Bank Governor Philip Lowe said the latest rate hike is unlikely to be the last this year. “The board expects to take further steps in the process of normalizing monetary conditions over the next few months, but not on a predetermined path,” he said. “The size and timing of future rate hikes will be guided by incoming data and the board’s assessment of the inflation and labor market outlook. “The Board is committed to doing wh

There’s been a lot recently, hasn’t it? Another COVID-19 spike, a terrible flu season, floods in New South Wales, monkeypox, the ongoing war in Ukraine, the overthrow of Roe v Wade in the United States, soaring cost of living. If you’re feeling overwhelmed and closed off, you’re not alone. I’ve spent the last few weeks lying on the couch unconscious after work, wreaking havoc. I feel anxious, apathetic, lonely and sad. If you or anyone you know needs help: I had hoped it would be a good year with more certainty, but in the middle of the year I found myself in a space that was just as restless as the last two years, but with less expectations and more cognitive fatigue to boot. When things get so tough and we start to realize that maybe the world as we know it has shifted, we have to give ourselves time to adjust to the new realities and build the skills we need to adapt. Meanwhile, it’s very easy to forget the little things we need to do to be okay, or to remember why we do these thi

Financially, times have been tough — and don’t expect to get much better anytime soon. Reserve Bank Governor Philip Lowe said a recession would not happen in Australia. Others think there’s a chance we could hit a brief recession sometime next year. But one thing is certain now: millions of Australians are hurting because of the rising cost of living. So, how can we prepare for the financially difficult times ahead? We asked three experts. First of all, you should know that you are not alone Before we get into it, National Debt Helpline financial adviser Deb Shroot says no matter how bad financial circumstances are, there’s always a choice. Even when things seem really bad. “If you talk to a financial advisor, there’s always a choice,” he said. Fundamentally, financial counselors are professionals who help those experiencing financial difficulties and their services are non-judgmental, free, independent and confidential. “The options may not be all desirable, however, we can talk y