Westpac Predicts 3 More Interest Rate Hikes

Westpac predicts three more interest rate hikes this year, potentially pushing the cash rate to 4.85%, a level unseen since 2008. The trigger? Soaring fuel prices due to Middle East conflicts, with inflation expected to reach 5.4% in the June quarter. Homeowners brace for higher mortgage repayments as the RBA is likely to hike rates in May, June, and August. The governments fuel excise cut offers some relief, but not for all sectors. The next RBA meeting on May fifth may reveal more rate increases.

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