Businesses are joining mortgage holders on a financial cliff as an increase in corporate collapses is anticipated following the Reserve Bank of Australia's decision to hike interest rates again by 0.25 per cent.
The central bank made the decision today to push the cash rate up by 25 basis points to 3.35 per cent in news no business or homeowner wanted to hear.
RBA governor Philip Lowe said the decision to hike interest rates for a ninth consecutive time was due to global inflation remaining high and below-average growth expected for 2022 and 2023.
READ MORE: RBA delivers ninth-straight interest rate hike as cost of living pressures increase
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