Confronting warning as Australians hit with seventh straight rate rise

The Reserve Bank hiked the cash rate on Tuesday for the seventh consecutive month to a nine-year high.

The cash rate is now at 2.85 per cent and research director at RateCity.com.au, Sally Tindall, warns the pain is far from over.

“At this point we are expecting at least another couple of cash rate hikes,” she told Ross and Russel.

“I think people need to start preparing for another full per cent.

“We’ve got Westpac, ANZ, they’re looking at 3.85 per cent by the second half of next year. That is, I think, at this point potentially likely.”

Press PLAY to hear the confronting warning