Australian borrowers are being warned to prepare for higher interest rates as the Reserve Bank gives a big hint they will raise rates more than once this year.
The Commonwealth Bank, Australia’s biggest home lender, has also dramatically increased its fixed rates in another sign the big banks are bracing for a series of official interest rate rises in 2022 and 2023.
Elevated inflation has seen the Reserve Bank of Australia abandon its ‘patient’ approach to interest rates, after last