The OECD expects Australia to have among the highest interest rates in the world. It expects five rate rises in the next 12 months. In its economic outlook, the OECD said the RBA was likely to push the cash rate to 5.7% by June next year.
This would place Australia near the top of the table in terms of high interest rates along with Iceland, Mexico, Poland and Turkey.
If mortgage lenders raised rates in line with the central bank, then the average standard variable home loan would rise to 8.6% from its current level of 7.4%.
This would place Australia near the top of the table in terms of high interest rates along with Iceland, Mexico, Poland and Turkey.
If mortgage lenders raised rates in line with the central bank, then the average standard variable home loan would rise to 8.6% from its current level of 7.4%.
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