This decision to increase the rate to 4.10% is driven by the April Consumer Price Index, which climbed from 6.3% to 6.8%.

Additionally, concerns have been raised regarding the impact of the Fair Work Commission's recent announcement of a 5.75% increase to the minimum wage, which has raised apprehensions about its signaling effect.

If you wish to discuss the implications of this news on your personal finances, please feel free to contact us.