The Reserve Bank of Australia has raised the cash rate to 4.6% from 4.35%, taking the key rate to its highest level since late 2011 as it battles persistent inflation.
The fourth rate hike this year will add about A$120 a month to the average mortgage of $730,000. Over the course of the year, the four rate rises have added about $480 a month to the average family’s repayments, dampening spending elsewhere in the economy.
