Why home borrowers are set to be hit with an eighth interest rate rise in a row ... trends now
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Home borrowers are set to be hit with an eighth consecutive monthly interest rate rise from the Reserve Bank of Australia today - adding more than $90 to an average mortgage.
Big bank economists are universally expecting another 0.25 percentage point increase at 2.30pm, Sydney time, less than three weeks before Christmas.
This will take the cash rate to a 10-year high of 3.1 per cent - up from a nine-year high of 2.85 per cent.
Westpac chief economist Bill Evans said the Reserve Bank was likely to raise rates by another 0.25 percentage points on Tuesday to deal with the worst inflation in 32 years.
'A further 25 basis point adjustment at the December meeting is likely to have been firmly on the board's future agenda when it last met on November 1,' he said.
Home borrowers are set to be hit with an eighth consecutive monthly interest rate rise from the Reserve Bank of Australia today (pictured are houses at Kellyville in Sydney's north-west)
This afternoon's expected rate rise would also mean an eighth straight monthly increase for the first time since the Reserve Bank began publishing a target cash rate in 1990.
A borrower with an average $600,000 mortgage would soon see their monthly
