RBA Slams Brakes: Interest Rates Hit 15-Year High Amid Spending Criticism

The Reserve Bank of Australia (RBA) has increased interest rates for the fifth time this year, taking the cash rate to 4.6%, its highest level in 15 years and the highest in the developed world.

This move means that average Aussie mortgage holders will face nearly $1500 in added repayments annually, with the total extra annual hit from the four rate hikes now around $5,500.

RBA Governor Michele Bullock emphasized that demand is running too hard relative to supply, and productivity growth is struggling. She noted that monetary policy cannot fix everything and that it's not just a matter of interest rates.

Meanwhile, Australians are being told to tighten their belts while the Labor government continues to spend, with politicians jetting around the world for Net Zero virtue signaling events and policies that critics argue put further pressure on already expensive electricity bills.