RBA Slaps Fourth Rate Hike on Australians Amid Cost-of-Living Crisis

The Reserve Bank of Australia (RBA) has increased the official cash rate by 0.25 per cent, making it the fourth hike this year.

The new rate is now at 4.60 per cent, putting more pressure on local families as they struggle with cost-of-living pressures.

Richard Whitten, a home loans expert at Finder, warned that mortgage holders are already stretched and may be pushed to breaking point by the fourth hike in less than a year.

Whitten noted that almost half of their panel predicts another rate hike before Christmas, which could have severe consequences for borrowers.