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	Podcast:		Please Explain
	Episode:		Why are interest rates going up?
	Category:		News & Politics
	Duration:		00:18:04
	Publish Date:		2022-05-04 03:42:20
	Description:		The Reserve Bank has fired the starting gun on what is expected to be series of multiple interest rate hikes. On Tuesday this week, the bank announced a bigger than expected quarter of a percentage point hike to it official cash rate, taking it to 0.35 percent. Banks have responded quickly, confirming they will pass on the increase in full to their customers with variable rate loans. For someone with a $800,000 loan, they will be paying nearly $100 more per month. And there are warnings the cash rate could be heading as high as 2.5 per cent – although there is disagreement over that number and the exact timing of future increases. Today on Please Explain, economics correspondent Shane Wright joins Jess Irvine to discuss why rates have gone up and how high they might go. Subscribe to The Age & SMH: https://subscribe.smh.com.au/ See omnystudio.com/listener for privacy information.
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