Financenews.com.au‘Do work’: RBA call households dread
RBA governor Michele Bullock told parliament that interest rate rises do work and a fourth hike this year is widely expected at the September 29 board meeting.
Mortgage holders are being warned higher interest rates work as the central bank is set to make a critical cash rate call within weeks.
RBA governor Michele Bullock told a House of Representatives committee that monetary policy works and the bank will persevere with rate rises to tame inflation.
Inflation is currently sitting at 3.5 per cent, well outside the RBA's 2 to 3 per cent target, with rising oil prices from the US-Iran conflict adding pressure.
A fourth rate rise is widely predicted at the September 29 board meeting, which would push the cash rate to 4.60 per cent, its highest since November 2011.
Money markets are pricing in a nearly 76 per cent chance of a hike on September 29, which would take the cash rate to 4.60 per cent.
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