Rate rise ‘really scary’ for small business owner

Millions of Australians paying off home loans will soon face increased cost of living pressures after the Reserve Bank lifted the cash rate for the third time this year.

The central bank has increased the cash rate by another quarter of a per cent to 4.35 per cent and says rising inflation is behind the decision for the hike.

For small business owners like Sina Klug, the news is “really scary” and she expects to see her customers immediately restricting their spending in response to the decision.

Klug last month made the heartbreaking decision to close her much-loved Sydney bakery Nutie and she’s now fighting to keep her remaining business open.

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