Good afternoon, and a warm welcome to those who may not have received the first newsletter yesterday. We encountered a technical blip which resulted in a few emails not being sent – what’s a launch without a hiccup?
A technical hitch might be the least of our concerns, given the Reserve Bank today decided to lift the cash rate by a further 25 basis points to 2.85%. That means for individuals with a $500,000 loan, repayments are up $760 since the rate rises began. With low- and middle-income earners shouldering the burden of the inflation crisis, it might explain why murmurs of a windfall tax on oil companies were heard in both Washington and Sydney today. More on this below.
