BY EMILY WILLIAMS
Homeowners in the Hunter have suffered another blow, with the Reserve Bank of Australia (RBA) raising interest rates for the twelfth time since May last year.
The official cash-rate has jumped 25 basis points to 4.1%, the highest it has been in 11 years.
The RBA argues they had no choice but to increase the official rate, because inflation remains stubbornly high.
The jump means the average monthly mortgage repayment in Newcastle and Lake Macquarie will rise to $4,464.
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| Governor of the RBA, Philip Lowe. Image:Matt Jelonek/AAP |
Business Hunter CEO says he is also concerned for Hunter businesses.
"The increase in the interest rate might cause customers, or the community, to keep their hands in their pockets and reduce their spending further, which obviously has a flow-on impact to many of the businesses across the region," he said.
The cost of living crisis continues to affect those living in the Hunter.
