Millions of Australians could be hit with the twin blow of soaring petrol prices and higher mortgage repayments amid rising expectations that the US-Israel war on Iran will force the Reserve Bank to hike rates on Tuesday.
A growing number of economists predict that the RBA board will increase the cash rate to 4.1% at the conclusion of its upcoming two-day meeting, after the central bank’s deputy governor, Andrew Hauser, said data had “confirmed even more decisively … that our economy currently has limited spare capacity”.
