r/AusPropertyChat • u/Finance_With_Piyush Property Enthusiast • 3d ago

Buying & Selling Anyone else stressing about another potential RBA rate hike this November(03/11)?

With inflation still sticking around and the big banks dropping hints, it’s looking more and more likely that the Reserve Bank of Australia (RBA) might lift the cash rate again at their November meeting(03/11)

My budget is already stretched to the absolute limit with the current mortgage repayments, and another 0.25% increase is going to hurt.

  • Are you guys fixing your rates now, or just riding it out?
  • For those renting, have your landlords already started hinting at another increase?
  • What’s the consensus here, do we think they’ll actually pull the trigger, or hold off?

Would love to hear how everyone else is preparing for this.

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u/Used-History-6454 2d ago

He’s submitting the terms of reference for a senate enquiry to look into alternatives, because he’s knows what he doesn’t know, he’s not an economist or expert on this subject so he will ask the experts. That’s what I like about him, he listens to the opinions of people who actually know these things, and pushes for the answers. He doesn’t just shrug and accept the status quo, he knows it’s unfair.

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u/yanansawelder 1d ago

The issue with this is the alternatives will be what has already been proposed:

  1. Limiting number of properties people can own. (will directly reduce the cost of property/ rent - the main spending contributor)
  2. Reduction of tax breaks for specific legal entities like discretionary trusts. (will directly reduce the money that rich people spend)
  3. Increase of taxes for high income earners (10m +) (will directly reduce the money that rich people spend)
  4. Subsidies for electricity, child care, etc. (will reduce the money families spend on necessities)
  5. Stronger enforcement of price gouging laws from supermarkets. (will reduce the money families spend on necessities)

Can't really do much about cost of fuel as that's entirely on the US ceasing their war, so you need to focus on bringing down the other costs.

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u/jhooolay-red 8h ago

Gem!

But do you really really think that govt can tax the rich?

They have never. They never will.

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u/yanansawelder 5h ago

Oh of course not, which is why I think it's a waste of time/ political grandstanding lol