RBA Increases Interest Rates by 0.5% - What This Means For Aussies

RBA Increases Interest Rates by 0.5% - What This Means For Aussies

Yesterday’s decision by the Reserve Bank of Australia (RBA) to increase the cash rate by 0.5 basis points will have an immediate impact on the lives of everyday Aussies.

With the increasing cost of repayments on their mortgages, many households are facing the possibility that regular bills like private health insurance may need to be cancelled.

Joanne Explores was one Aussie who was extremely concerned about her mortgage repayments increasing, particularly as she is pregnant.

“We have had private health insurance for over 10 years, and have just recently upgraded to include pregnancy in our health insurance policy,” Ms Explores said.

“However, now with the increased repayments on our home we will have to review many non-essential bills. Unfortunately given how much our private health insurance premiums have increased over the years, our health insurance policy may be one of the things that has to go.”

“Our pregnancy will still be covered under Medicare, however I really want to still be treated under the private system.” She continued.

“We will obviously need to start to compare health insurance providers and see if we can get a better deal within our budget.”

With this massive increase in household expenditure thanks to increasing interest rates, Billy Explores urges all Aussies to take five minutes and see if they can get a better deal on their health insurance from our panel of health insurance providers. There is no need to drop out of health insurance cover completely. To start, all every day Aussies need to do is click here.

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