RBA Eyes November Rate Hike as Australian Households Prepare for Further Pain

Australia's households may face another interest rate hike in November as nearly half of economists surveyed by Finder expect at least one more rate rise this year. The Reserve Bank of Australia (RBA) has already raised rates three times this year to combat inflation, but it seems the central bank is not done yet.

Finder's analysis shows that someone with an average home loan of $734,878 now pays an additional $359 a month in interest compared to January. Another rate rise could push this number above $400 per month.

KPMG chief economist Brendan Rynne said the market is anticipating a November hike, giving the RBA more time to assess upcoming economic data. 'One would expect the rate hike still has to be on the table at some point,' he said.