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RBA does it again: rates lifted by 0.5 per cent

BREAKING NEWS: The Reserve Bank of Australia has today repeated its double dose of interest rate hikes, lifting its cash rate by 0.5 per cent (50 basis points) for the second consecutive month.

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 today, the RBA Board decided to increase the cash rate target by 50 basis points to 1.35 per cent.

Pinning the blame firmly on high inflation, RBA Governor Philip Lowe said price increases were being boosted by covid-related disruptions to supply chains, the war in Ukraine and strong demand that is putting pressure on productive ca…