Society ‘hurting’ following another interest rate rise

The Reserve Bank of Australia increased interest rates today by 25 basis points to 2.85 per cent, with a financial counsellor claiming a number of people are “really hurting” by this decision.

It’s the seventh rate rise in a row, with Financial Counselling Australia CEO Fiona Guthrie stating the financial pressures people are under at the moment.

“We’re starting to see an increase in the number of people seeking our services through the national debt helpline,” Ms Guthrie told Tom Elliott.

“It’s particularly tough for people who are on fixed income such as the JobSeeker payment or pensions because you just simply don’t have any room to move in your budget.”

“All I can tell you is that there are a number of people who are really hurting at the moment.”

Press PLAY to hear more on the rate rise and how it will impact society 

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