Markets wrap: RBA announces 50bps rate hike to 2.35%, as predicted by experts

September 6, 2022 10:44

Update: As expected, the RBA has raised interest rates by another 50 basis points. The cash rate is now lifted from 1.85% to 2.35%, the steepest hike since 1994, when the RBA lifted the cash rate from 4.75% to 7.5% in just five months.

Research from Finder revealed that 97% of experts predicted another cash rate rise. Data from IAB indicates a slowdown in the growth of the digital ad market after a stellar H1 fuelled by the election and Olympics.

The RBA announced it’s committed to returning inflation to 2-3%, to keep the economy at an even keel. Inflation is currently at 6.1%, notably ahead of wages.

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Seja Al Zaidi

Seja Al Zaidi was Mumbrella’s finance reporter, spearheading the publication’s coverage on the financials of advertising, marketing and media sectors.

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