RBA's rate rise biggest in two decades

Many homeowners are facing a significant increase in mortgage rates after the Reserve Bank lifted the cash rate by 50 basis points.

The RBA predicts inflation, which currently sits at 5.1 per cent, will further increase this year before returning to the target 2 to 3 per cent range next year Source: AAP

Highlights

• The interest rate rise coincides with sharply rising gas and electricity prices
• Reserve Bank Governor Philip Lowe says the key issue is rising inflation impacted by international and domestic factors
• The Reserve Bank of Australia says it expects inflation to go higher

There are around 3.5 million homeowners across Australia.

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