New Governor Michele Bullock has stated that whilst rate rises have hit a peak inflation didn’t slow as expected. The RBA states they remain ready to hoist interest rates again if required.

This increase in rate will affect monthly payments by 0.25% meaning people with home loans of $500,000 will have an increase of $76 on their monthly payments.

Attention will now shift to September quarter wage price index figures due for release by the Australian Bureau of Statistics on the 15th of November.

Nab one of the four big banks has predicted another rate increase with a 4.6% rate peak in February, although the December RBA meeting remains ‘live’.