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The Reserve Bank is due to meet at 2.30pm today when the nation’s top economists could decide to increase interest rates for the first time in more than a decade.
If they do, it will signal the end of “cheap money” for Australians and remind voters that the cost of living is increasing right in the middle of a Federal Election campaign being fought on that exact issue.
Financial markets and most economists predict the cash rate will be lifted by .15 percentage points to 0.25 per cent.
The potential price hike comes during an election campaign where both leaders are tackling cost of living pressures.
Finance Minister Simon Birmingham told Today that international factors, such as the Ukraine war, were putting pressure prices.
“The international factors that Australia is facing at present are very real. We’re not immune from them but we are doing better than most countries.”