RBA Rate Hike Sparks Worry for Young Families

The Reserve Bank of Australia (RBA) increased the cash rate for the fourth time this year to 4.6%, its highest level since November 2011.

Helen Maxwell, a 76-year-old Wagga resident, expressed her concern for young families struggling with rising interest rates and housing costs.

'I was disgusted,' she said. 'I felt sick, not for myself because we own our home, but I did feel sick for the young people.'

The RBA's decision will lead to a 0.25 percentage point increase in variable-rate home loans, further burdening those already struggling with the cost of living.