News out of New Zealand today is that their Reserve Bank has lifted interest rates for the second month in a row. The cash rate across the ditch is now at 0.75%, while in Australia it remains at 0.1%.
The Reserve Bank of New Zealand offered the below as reasons for the rate rise:
The RBNZ’s overall concerns are around labour shortages, and a property market that has defied gravity. They’ve lifted rates with a view of cooling the market down, and the commentary suggests more rate rises to come next year.
While official rates remain on hold in Australia, we can look to our neighbours across the Tasman for a little insight as to what’s in our not-too-distant future, although the RBA has indicated more than once that it doesn’t intend to increase interest rates here til 2024.
So what does this mean for Aussies in the immediate future?
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