Australia’s central bank raised interest rates by 25 basis points on March 17, 2026, a decision made on the same day Reserve Bank Governor Michele Bullock settled on the purchase of a $2.05 million home in Yamba, New South Wales.
RBA Rate Hike and Governor’s Purchase
The rate increase is expected to impact household budgets across the country. Bullock and her husband, Ian Bullock, purchased a four-bedroom home in Yamba, located an hour-and-a-half south of Byron Bay, with no mortgage on the title. The couple are listed as “joint tenants” on the property.
The home features ducted air-conditioning, ceiling fans, louvre windows, and outdoor heating. It includes four bedrooms and an “indulgent parent’s retreat” with an oversized walk-in robe and ensuite.
The Reserve Bank declined to comment on the perception that Bullock may be out of touch with the financial difficulties faced by many Australians. Bullock did state that the rate increase would be “tough news for people with a mortgage.”
Frequently Asked Questions
What was the amount of the interest rate increase?
The Reserve Bank of Australia raised interest rates by 25 basis points on March 17, 2026.
Where did Michele Bullock purchase a home?
Michele Bullock purchased a four-bedroom home in Yamba, on the North Coast of New South Wales.
Did Bullock take out a mortgage on the property?
No, there is no mortgage on the title of the property purchased by Bullock and her husband.
As the RBA continues to navigate economic challenges, it remains to be seen how future decisions will be perceived in light of these circumstances.
