The RBA has hiked again.

The cash rate has been lifted by 25 basis points to 4.35% — and unlike March’s knife-edge 5-4 split, this one wasn’t close. Eight board members voted to hike. Only one dissented. That shift in conviction is the real story from today’s decision.

The RBA’s updated forecasts make it clear the Board is worried.

GDP growth has been downgraded to just 1.3%, inflation is now expected to peak at 4.8% in June, and the statement flagged that risks are skewed toward more inflation, not less. As Ben put it on today’s show: “winter is coming for the Australian economy.”

The question now isn’t whether this hike was justified. It’s whether there are more to come. Ben and Evan’s read: July is likely a pause, but August is very much live — with the peak cash rate now debated somewhere between 4.60% and 4.85%.

And with the Federal Budget dropping next week (including rumoured changes to negative gearing and capital gains tax) property investors have a lot to digest right now.

With rates still potentially climbing, it’s worth making sure your loan structure is keeping pace. If you haven’t reviewed your mortgage recently, book a quick loan review with the Empower Wealth team — it’s one of the most practical things you can do right now.