The RBA Lifts The Cash Rate To 1.85%

The Reserve Bank lifted the official cash rate by another 0.5% for the third consecutive month today, raising the cash rate to 1.85% in an attempt to battle inflation.

The historic move marks the first time the central bank has lifted the cash rate by three consecutive 0.5% increments.

Further, the last time the RBA lifted the cash rate by more than 1.75% in a four-month period was in 1994, following two 1% hikes in October and December followed by a 0.75% lift in August of that year.

A statement by RBA Governor Philip Lowe outed the board’s want for inflation to return to the 2-3% range over time.

“The path to achieve this balance is a narrow one and clouded in uncertainty, not least because of global developments. The outlook for global economic growth has been downgraded due to pressures on real incomes from higher inflation, the tightening of monetary policy in most countries, Russia’s invasion of Ukraine and the COVID containment measures in China,” said Dr Lowe.

Inflation in Australia is the highest it has been since the early 1990s at 6.1% for the year to the June quarter, and in underlying terms it was 4.9%.

However, there is relief on the horizon, according to Dr Lowe.

“Inflation is expected to peak later this year and then decline back towards the 2–3 per cent range. The expected moderation in inflation reflects the ongoing resolution of global supply-side problems, the stabilisation of commodity prices and the impact of rising interest rates.”

An imposing Scottish castle that has only had four owners in its more than 200-year existence has hit the market asking for offers above £8 million (US$10.45 million).

Seton Hall, as it’s known, was built in 1789 by architect Robert Adam using stone from Seton Palace, the since-demolished property that was considered to be Mary Queen of Scots’s preferred retreat, according to Savills, which brought the home to the market last month.

“Seton is an absolutely magical castle—from the moment you approach, to the inner courtyard, to the quality of interior design,” said listing agent Jessica Gwyn.

The castle—roughly 10 miles from Edinburgh—remained in the same family from the late 18th century until 2003, which “served to freeze Seton in a protective time warp,” according to the listing.

Castellated features such as slit windows and turrets can be seen from the outside, and inside “secret staircases, curved doors, curved walls, arched windows and hidden doors add to the charming sophistication of the architecture and design,” the listing said.

But the castle has since been refurbished to meet modern standards, and now also boasts a helipad, a full security system, a gym, a playroom, a silk-lined dining room and a billiards room.

The restoration project saw a team of expert stonemasons rebuild the castle’s many chimneys, turrets and rooftop parapets. Plus, ironwork was restored, the dumbwaiter reinstated and the 10,000-bottle wine cellar was brought back to life, Savills said.

Alongside the seven-bedroom home that forms the core of the castle, there are additional residences across the property, including Darnley Cottage and Bothwell Cottage—named after Mary Queen of Scots’s husbands.

The castle’s stables have been refurbished, too, and are adjacent to the “Stable Bar,” the castle’s private pub.

The owner—who Mansion Global couldn’t identify—“feels their time as custodian of this outstanding building has come to a natural conclusion and it is time for this historic home to be loved and cared for by someone else,” Gwyn said.

This article first appeared on Mansion Global

The RBA Lifts The Cash Rate To 1.85%

The historic move is the first time the RBA lifted the cash rate by more than 1.75% in a four-month period since 1994.