Economy Talk

Australia at 4.6%: my cousin in Melbourne is feeling it

My cousin is a nurse in Melbourne, they bought a small apartment two years ago. RBA just lifted rates to 4.6%, highest since 2011, fourth hike this year, and all the big banks passed it on in full.

She jokes that she now works for the bank, not the hospital. Bullock herself said "we knew that this was going to hit some people pretty hard". Honest at least. But I'm skeptical another hike is "maybe" not needed when she also says fuel and fertiliser are "permanently higher".