Fifth rate rise hits borrowers as recession odds called a coin toss
A fifth interest rate rise has landed on Australian borrowers, with economists calling a recession a coin toss, while storms hit the southeast.
Australian borrowers have been hit with a fifth rate rise, a heavy blow for millions of households, according to the 9News Brisbane bulletin on Tuesday 3 November.
Economists now say the question of whether Australia will tip into an outright recession is more or less a coin toss.
The bulletin, presented by Melissa Downes and Joel Dry, also reported that widespread thunderstorms lashed parts of the southeast on Tuesday afternoon.
The source material is a short bulletin summary. It does not give the size of the rate rise, the new cash rate, the economists quoted or the locations and severity of the storms. This report will be updated if further detail becomes available.
Video: 9 News Australia.
Key questions
- How many rate rises have there been?
- The bulletin described the latest increase as a fifth rate rise. It did not say over what period they have occurred or by how much the rate rose.
- Is Australia heading into a recession?
- Economists cited in the bulletin said whether Australia tips into an outright recession is more or less a coin toss.
- Were there storms in the southeast on Tuesday?
- Yes. The bulletin reported widespread thunderstorms across parts of the southeast on Tuesday afternoon, without giving specific locations or damage details.