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Interest Rate Update

Posted by Tamara McDowell on April 6, 2010

The Reserve Bank (RBA) meets on the first Tuesday of every month …….. today is the day!

While economists were split on whether the RBA would move today the RBA have officially lifted the cash rate from 4.0 per cent to 4.25 per cent.

Earlier Swan appeared to be softening mortgage holders up for a blow: “I think most families understand rates are currently at 1970s levels and can’t stay there forever,” he said.

The RBA raising rates 1.25 per cent from their near 50-year low of 3.0 per cent over the past six months has impacted on consumer activity, however we are still below the long term trend in interest rates and we’re still lower than we were a couple of years ago.

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