RBA Hikes Cash Rate to 15-Year High as Inflation Persists

The Reserve Bank of Australia (RBA) has raised its cash rate to 4.6%, its highest level since late 2011, in an attempt to combat persistent inflation.

This is the fourth rate hike this year, and it will add about A$120 a month to the average mortgage of $730,000, making homeownership even more difficult for first-time buyers.

According to new research, each rate hike could lock out around 30,000 potential buyers by reducing their borrowing capacity.