Bank interest rate hikes take effect July 15.
It also announced that it would increase the subsidized interest rate on some of its savings accounts by 0.5%.
Further rate hikes expected
“But things will get better. The Reserve Bank expects inflation to moderate next year. It will come back to more normal levels, obviously that will be a big release for people.”
“They have higher inflation, and they have a central bank that’s going to have to do a lot of work to try to contain that inflation,” Chalmers said.