By: Economic & Finance Report

The Aussie dollar is about to increase tenfold perhaps. The Australian Central Bank (RBA); will be conducting back-to-back interest rate hikes this upcoming Tuesday, June 7, 2022. It will be the first interest rate hike in the past 12 years.

Many economists who focus on the policies of the Australian Central Bank (RBA) believe the cash rate will increase to 0.75%. The Reserve Bank of Australia (RBA); started monetary tightening in the beginning of May 22′. RBA’s policies will have to be in unison with the high inflation in the country and rising inflation that has impacted countries worldwide.

Inflation pressures is a detriment for the growth of the Australian nation. The country’s commercial banks and lenders seem to be divided about the interest rate increase, as they would like the RBA to slowly maintain interest rates because of the pressures caused by rising inflation, which could and would affect the GDP of the land. -SB

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