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Reserve Bank raises the cash rate to 0.35 per cent
06 May 2022
Responding to the jump in inflation to 5.1 per cent in the March quarter, the Reserve Bank lifted the cash rate at its board meeting earlier this week by 0.25 basis points to 0.35 per cent. This begins the process of normalising the cash rate after an extended period of exceptionally low rates.
This is the first increase in the cash rate in over a decade and the first increase during an election campaign since 2007 — which saw the end of the Howard government.
The rising interest rates will add to the increasing cost pressure on business, with higher loan repayments on top of higher input, labour and fuel costs.
The statement following the Reserve Bank meeting can be found here.
More detail on the current economic conditions and the outlook for the next two years, which informed the RBA’s thinking when lifting the cash rate, are included in the Statement on Monetary Policy release earlier today, which can be found here.
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