Australian mortgage-holders will be bracing themselves for more mortgage pain following the Reserve Bank's decision to lift the cash rate by 25 basis points to 4.10%.
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After a month's reprieve the Reserve Bank Board has returned to rate-hiking mode, lifting interest rates by 25 basis points to 3.85% at its May meeting.
A major overhaul is in store for the RBA, with a widely anticipated review putting forth 51 recommendations, including to how cash rate decisions are made.
Despite a recent reprieve, mortgage holders might not be off the hook from rate increases just yet as the RBA keeps its options open.
The RBA has hiked the official cash rate to 3.60%, its highest point since May 2012, as mortgage stress worsens across the country.
Australian mortgage holders are paying a high price for their loyalty, with lenders saving their best rates for new customers.
"I know it's really hard for people to have to pay more on their mortgages, but it'll be harder if inflation gets too high," says RBA governor Philip Lowe.
The RBA lifted the official cash rate by 25 basis points to 3.35% at its first board meeting of 2023, with the ninth consecutive increase pushing the cash rate to its highest point since September 2012.
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