Official interest rates are widely tipped to rise again today when the Reserve Bank meets today.

It’s expected the RBA will decide to lift rates from 0.85 per cent to 1.35 per cent, signalling more pain for mortgage holders.

It will be the third consecutive rate hike.

Economics editor at the Australian Financial Review, John Kehoe, said they are on a tightening path as inflation remain high.

“Interest rates are virtually certain to go up, the question is by how much, and it’s very very likely it’s going to be the double super size interest rate rise of half a per cent as we saw last month,” he told Spencer Howson on 4BC Breakfast.

“So .5 a per cent, and if they do that, that would add about $130 a month to a mortgage repayment for someone with a $500,000 mortgage.”

He said there are economists saying by next year the economy will start to slow and a rate cut could be on the cards.

Press PLAY below to hear his analysis in full

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