Gold Coast households have suffered another blow with the Reserve Bank increasing the official cash rate by another 25 basis points.
It’s the second straight increase, taking the cash rate to 4.1%.
For borrowers with a $500,000 mortgage, the increase will add another $76 to monthly repayments.
In its statement, the RBA board said inflation had already picked up sharply in the second half of 2025.
In addition, the conflict in the Middle East has led to a sharp rise in petrol prices, which will add further pressure on inflation if it continues.
“Globally, the conflict in the Middle East poses substantial risks in both directions,” the RBA board said.
“A longer or more severe conflict could put further upward pressure on global energy prices; this will push up near-term inflation and could also increase inflation further out if it impairs supply capacity or price rises get built into longer-term inflation expectations.”
The decision was a close call, with the board split 5-4 in favour of lifting rates.
Experts are tipping another interest rate hike to come in May, with some now forecasting another one in August.
More to come
