RBA likely to raise rates as oil prices spike near $100 a barrel

The RBA signalled it may raise rates this month if inflation stays higher than expected, as oil prices near $97 a barrel.

Why it mattersAustralians with mortgages face the prospect of higher monthly repayments just as business confidence and household spending have started to weaken.

AustraliaHigher interest rates would increase home loan repayments, deepen the housing downturn, and pinch household budgets across Australia as energy and fuel costs rise.

✓ Claims checked against the source and corrected before publish. checked 2 d ago

Next in today's edition

Busy Sydney street intersection at Martin Place and Pitt Street with pedestrians, shopfronts, and commercial buildings

✓ Google TrendsMoney & Work

RBA set to raise rates to 15-year high in late September

Major banks forecast the RBA will hike rates on 28-29 September, pushing the cash rate to 15-year highs.

Why it mattersHigher interest rates mean bigger mortgage payments for millions of Australians, and inflation staying elevated signals more pain ahead.