05 May – Rate Change
Date: 5/05/2023
Description:
The Reserve Bank of Australia has decided to raise the cash rate by 25 basis points to 4.5 per cent, effective 5 May.
The move, which added about $50 to the monthly repayment on a $300,000 loan, was the third consecutive increase and the sixth since October 2009.
The Reserve Bank governor Glenn Stevens said rates were now back at "average levels".
"With the risk of serious economic contraction in Australia having passed some time ago, the Board has been adjusting the cash rate towards levels that would be consistent with interest rates to borrowers being close to the average experience over the past decade or more."
Mr Stevens further indicated the Board would “continue to assess prospects for demand and inflation, and set monetary policy as needed to achieve an average inflation rate of 2–3 per cent over time”.
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