MoneyQuest’s March 2023 Cash Rate Update – Rise on Repeat

By Ellen Mathews posted on March 07, 2023

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This time last year the cash rate was on hold at 0.1%. It had also been more than 10 years since the cash rate had been increased, and we were on the tail end of a property boom.

How things have changed. The economic climate of March 2022 seems like a lifetime ago now as we face a very different reality in 2023.

The Reserve Bank of Australia (RBA) Board has today decided to increase the cash rate for the tenth consecutive month, this time by 25 basis points, making Australia’s official cash rate 3.60%.

This onslaught of interest rate rises is starting to take a toll and many people are understandably becoming worried about their ability to make their mortgage repayments. Unfortunately, the RBA Governor Philip Lowe revealed at a recent senate hearing that he believes there are still more rate rises to come.

So, if you’re struggling to keep your head above water or feel like you will be soon, our message today is simple – reach out to a mortgage broker and ask for help. Our team are ready and waiting for your call.

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Disclaimer:

This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).

Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.

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