Pain for mortgage holders as interest rates rise again

Interest rates have been lifted for a seventh consecutive month in Australia. The hike is set to adversely affect millions of Australians with mortgages, especially business owners

Seta Berbari is a mortgage holder, managing a home and business loan on her Greater Western Sydney cafe. Credit: SBS

Key Points

• The Reserve Bank of Australia lifted interest rates by 25 basis points.
• The hike brought the cash rate from 2.6 per cent to 2.85 per cent.
• RBA Governor Philip Lowe claims the board expects to increase interest rates further over the period ahead.