Reserve Bank of Australia (RBA) has announced another increase in the cash rate target after the board meeting held on 7th March 2023.
The cash rate target has been increasing for consecutive months since May 2022 (except for Jan 2023). Yesterday’s increase of 25 basis points increased the cash rate target to 3.60 per cent – the highest cash rate target since 10 years ago.
Currently, the average home loan rate for owner-occupiers is 5.0% p.a. and 5.3% p.a. for investors. With this new increase in the cash rate target, we can expect to be even paying more interest on home loans.
Date revised: 08 March 2023