Tuesday the RBA inceased the official interest rate from 3.0% to 3.25%. And the sky hasn’t fallen yet! Naturally, the big bad recession hasn’t been as bad as the media wanted everyone to believe. The rate increase is a sign of confidence that the Australian government expects a trend of continuing growth and recovery. Australia is the only country to pass an increase since the “GFC” kicked off. The effect on real people will be negligble…MSN Money expects the average mortgage repayment to increase by roughly $40-50 per month. If that much ruins your budget, then your budget needs re-doing!
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