Higher than expected inflation data for the September Quarter, released last week, has market analysts predicting the Reserve Bank of Australia will hike interest rates when it next meets on November 7, just half an hour before the race that stops the nation.
Each of Australia’s Big Four banks is now predicting a rate rise in four days’ time on Melbourne Cup Tuesday.
In a survey by The Australian Financial Review, 33 out of 35 economists tipped the RBA will raise the cash rate next week to 4.35 per cent.
It would add another $77 to the monthly cost of servicing a $500,000 mortgage and be enough to take the total extra monthly impost since rates began climbing to more than $1,000.
Placing a bet on the Melbourne Cup is part of the tradition of Cup day. Whether you’re a serious punter, a once in a while punter, or a just bet once a year on the Cup, enjoy your day and good luck.
Author
Peta Stephen
