ABC News (Australia) published this video item, entitled “Rate hikes are costing us money in more ways than you think | ABC News” – below is their description.
Usually, the banks borrow money from the Reserve Bank of Australia, which is how the central bank controls interest rates. But the deposits they hold at the RBA have blown out since the pandemic and they’ve been earning interest from them. Last week’s rate hike has meant that not only do we pay more to the banks for our mortgages, but the Reserve Bank that we own forks out an extra billion dollars to them as well.
ABC News (Australia) YouTube Channel
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