Western Weekender June 10 2022

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weekender the western

www.westernweekender.com.au

PENRITH’S #1 NEWSPAPER

Friday, June 10, 2022 • FREE

Shop 4, Memory Mall 429 High Street, Penrith

WIN HARRY STYLES CONCERT TICKETS IN TODAY’S PAPER!

HARRY FEVER EPIC TICKET GIVEAWAY SEE PAGE 10

MORE RATE HIKES COMING AS COST-OF-LIVING PRESSURES MOUNT

RATE RISE TO HIT HARD TROY DODDS

Already dealing with skyrocketing grocery and petrol prices, the Reserve Bank’s decision to raise the cash rate by 50 basis points will be a kick in the guts to many locals.

The average home owner with a $600,000 mortgage will likely have to find around $159 extra every month, or close to $2,000 a year, to cover the fresh interest rate rise. Those with a $900,000 mortgage will face a $238 monthly hit, or close to $3,000 in extra repayments per year.

But the worst could still be to come, with many experts predicting more increases. “While the rise in monthly repayments this month is relatively moderate, homeowners need to ready themselves for sizable hikes in the months to come,” said RateCity Research Director, Sally Tindall.

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“Two rate hikes aren’t going to magically cure Australia’s inflation woes. The RBA will need to hike again, potentially as early as next month and from there they could continue to come thick and fast.” Full story on » p. 6


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