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RBA does it again: rates lifted by 0.5 per cent

The Reserve Bank of Australia has repeated its double dose of interest rate hikes, lifting its cash rate by 0.5 per cent for the second consecutive month and putting further pressure on real estate prices.

Reserve Bank of Australia (RBA) website displayed on smartphone hidden in jeans pocket
The latest rate hikes will hit borrowers in hip pocket.

For the second month in a row, the Reserve Bank of Australia has delivered a double dose rate rise.

At its meeting on Tuesday (5 July), the RBA Board decided to increase the cash rate target by 50 basis points to 1.35 per cent.

CBA announced Wednesday that it will hike its variable home loan rates by the full 0.50 percentage points, having already shocked borrowers last week with its biggest ever rates increase. ANZ, NAB and Westpac were quick to…