The Reserve Bank of Australia (RBA) has raised the official cash rate by 25 basis points - to 2.6 per cent.
It is the sixth month in a row the central bank has raised interest rates in a bid to manage rising inflation.
In a statement, RBA governor Philip Lowe noted that the central bank had increased interest rates “substantially in a short period of time”.
He added that - “reflecting this, the board decided to increase interest rates by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia.”
