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Surprise rate rise ahead of Federal Budget

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Reserve Bank of Australia headquarters in Sydney Source: AAP / FLAVIO BRANCALEONE/AAPIMAGE

In a move that has taken markets by surprise, the Reserve Bank has lifted interest rates again after a month-long pause. The Bank has lifted rates by 25 basis points to 3.85 per cent, making Australia's interest rates the highest they have been for 11 years, while still at a relatively low level.

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By Tim Wharton, Angelica Waite

Presented by Angelica Waite

Source: SBS News

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In a move that has taken markets by surprise, the Reserve Bank has lifted interest rates again after a month-long pause. The Bank has lifted rates by 25 basis points to 3.85 per cent, making Australia's interest rates the highest they have been for 11 years, while still at a relatively low level.

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