Huge interest rate hike expected in June

Minutes from the Reserve Bank of Australia’s May meeting reveal that borrowers narrowly avoided a further rate hike this month and should expect a big hike in June.

The RBA raised the cash rate by 25 basis points during its May 3 meeting but deliberated on higher options.

The minutes show that a 40 basis point hike was seriously considered, fueling speculation that it will happen at the next monthly meeting.

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