RBA lifts official interest rate

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The RBA board decided to increase the rate from a record low of 0.1%, to 0.35% and the interest rate on exchange settlement balances was lifted 25 percent to 0.25%.

The board judged that now was the right time to begin withdrawing some of the extraordinary monetary support provided to help the Australian economy through the pandemic.

The resilience of the Australian economy is particularly evident in the labour market, with unemployment declining over recent months to 4%, according to RBA Governor Philip Lowe.

“Both job vacancies and job ads are also at high levels,” he said.

“The central forecast is for the unemployment rate to decline to around 3.5% by early 2023.”

Lowe went on to say that inflation was significantly higher than expected a year ago, although it remained lower than in most other advanced economies.

Published:Tuesday, 3rd May 2022
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

March 2025: Australian New Car Sales Experience Slight Decline

17 Nov 2025: Paige Estritori

In March 2025, Australia's automotive market recorded a slight downturn, with new car sales totaling 108,606 units-a 0.9% decrease compared to the same month in the previous year. This marginal decline reflects the ongoing economic pressures affecting consumer spending habits. - read more

Green Loans Drive Down Personal Loan Averages in Australia

17 Nov 2025: Paige Estritori

In recent developments within Australia's financial sector, the increasing availability of green loans has begun to influence the average rates of personal loans. Green loans, designed to finance environmentally friendly initiatives such as the purchase of electric or hybrid vehicles and sustainable home upgrades, are typically offered at lower interest rates compared to standard personal loans. - read more

RBA Rate Cuts Provide Mortgage Relief, Personal Loan Rates Unchanged

17 Nov 2025: Paige Estritori

In 2025, the Reserve Bank of Australia (RBA) implemented a series of rate cuts, reducing the cash rate from 4.35% to 3.60%. This move was aimed at alleviating financial pressures on borrowers, particularly mortgage holders. Consequently, most lenders, including the major banks, promptly mirrored these reductions, leading to lower mortgage rates and providing relief to homeowners. - read more

Australia's Electric Vehicle Financing Hits $6 Billion Milestone in 2024

09 Nov 2025: Paige Estritori

In 2024, Australia witnessed a remarkable surge in electric and hybrid vehicle financing, with total loans reaching $6.17 billion-a 50% increase from the previous year. This substantial growth underscores a nationwide shift towards more sustainable transportation options. - read more

Westpac Resolves Auto Finance Class Action with $81 Million Settlement

01 Nov 2025: Paige Estritori

Australia's Westpac Banking Corporation has reached a settlement of A$130 million (approximately $81.84 million) to resolve a class action lawsuit concerning its auto finance practices. The lawsuit, initiated by law firm Maurice Blackburn in 2020, alleged that between March 1, 2013, and October 31, 2018, Westpac and its subsidiary, St George Finance, permitted car dealers to increase interest rates on car loans to earn higher commissions. - read more

Click for more Finance News

Time to Refinance?

If you are seeking lower rates, lower fees and more flexibility in your home loan. you are in luck! Our national panel of mortgage brokers is looking forward to an opportunity to assist you. Apply online for a free eligibility assessment and one of our broker network refinance specialists will get on the case to track down the best deal for your individual circumstances. Without any obligation and at no charge to you!

... start here ...