The Reserve Bank has again slugged the nation's borrowers, raising its key interest rate today for the third month running as it moves to keep inflation in check.
The central bank lifted its cash rate by a quarter of a percentage point to 4.5 per cent, its highest level since the end of 2008.
For mortgage holders on variable lending rates, the increase will add about $46 to the average monthly payment for a typical 25-year, $300,000 home loan, if it is passed on in full by the commercial banks.
Excellent decision RBA, I congratulate you for the fortitude you have shown. Time for people to wakeup and start saving instead of spending on borrowed cash and time.
However, while the RBA lifts the rate .25, how much will the out of control banks slug us? They are law unto themselves.
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