Interest rates go up... but will it fix inflation?

The Reserve Bank of Australia has lifted the official cash rate by 50 basis points, the fifth consecutive increase in a row.

The Board met on Tuesday (6 September), announcing a decision to lift interest rates by 50 basis points, taking the official cash rate from 1.85 percent to 2.35 percent. Source: AAP / AAP

Key Points

• Some economists are warning the full effects of this most recent rate rise are yet to be seen, with many borrowers only just beginning to feel the impacts of the first two rate rises.
• For the average Australian mortgage holder, this means about $300 a month on top of their current repayments.
• All eyes will be on the October budget, set to be handed down by Labor next month.

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