Fixed vs variable
Aug 25, 2022
4 minutes
STORY JACK TALBOT
Interest rates have increased significantly in the past few months and aren’t tipped to slow down anytime soon. They sat at a record low 0.1% for more than a year to protect Australia’s economy through the pandemic.
As a result of record low rates and record stimulus spending, inflation is creeping up: it currently sits at 6.1% (June quarter) and is tipped to get as high as 8% by next year. The Reserve Bank is using interest rates in an attempt to curb spending and to reduce the heat in the economy.
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