Australian Interest Rates Soar to Highest Level in 15 Years
As interest rates rose for the fourth time this year in Australia, taking the cash rate to its highest level in 15 years at 4.6%, the RBA Governor Michele Bullock clarified that demand is running too hard relative to supply and monetary policy can't fix everything.
The increase means an extra $1500 a year for average Aussie mortgage holders, with total added repayments now around $5,500 across all four hikes this year.
Notably, the RBA left the door open to another rate hike in November as inflation remains above target.
In related news, Australia's energy sector is facing criticism over its role in piling pressure on electricity bills. The country is digging up coal and sending it overseas to help other countries manufacture and burn CO2, while making energy more expensive for domestic industries competing against them.
The contradiction between 'Net Zero' virtue signaling and the actual policies pursued by the Labor government has been stark.