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	Podcast:		Please Explain
	Episode:		How high will interest rates go?
	Category:		News & Politics
	Duration:		00:12:48
	Publish Date:		2022-06-08 04:13:20
	Description:		The Reserve Bank has delivered a second consecutive monthly hit to mortgage holders, raising its official cash rate by a supersized half a percentage point, on top of last month’s quarter of a percentage point rise. Banks are passing it on in full to their variable rate customers. For the average NSW mortgage of around $800,000, that's an extra $320 a month that needs to be found from the household budget. For the average Victorian mortgage of $650,000, it’s $260 extra a month. And economists are warning of multiple rate hikes to come in the months ahead. Today on Please Explain, economics correspondent Rachel Clun joins Jess Irivine to discuss the rate rise, and how the incoming Albanese government might respond to the cost of living squeeze in its upcoming October budget. Subscribe to The Age & SMH: https://subscribe.smh.com.au/ See omnystudio.com/listener for privacy information.
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