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Cash rate goes to 1.85%

The Reserve Bank of Australia has again raised the official cash rate this week, for the fourth month in a row.

The latest rise of 50 basis points takes the new rate to a six-year high of 1.85%, and is likely to add an extra $174 per month to the average mortgage of $625,000.

In an indication of its concern over runaway inflation, this is the first time the Bank has raised the cash rate over four consecutive months since 1990, when it was first charged with holding inflation to around 2-3%.

About Adam Nobel

Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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