Australia risks recession and housing downturn after third rate hike
Australia risks recession and housing downturn after third rate hike
Abstract
The Reserve Bank of Australia raised interest rates for the third time in a row on Tuesday. The bank lifted the cash rate by 50 basis points to 1.35% after two previous rate hikes this year. House prices fell for the first time in February this year after rising fervently over the pandemic. The National Australia Bank expects a peak-to-trough 18% fall. In the first quarter of this year, Sydney and Melbourne prices rose in the first year of 2014.
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