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Reserve Bank lifts rates

Interest rates were increased for the first time snce November 06 by the Reserve Bank at its August meeting.

As widely anticipated, the Reserve Bank of Australia (RBA) raised the Official Cash Rate (OCR) this week, for the third time in twelve months.

This takes the official rate to 6.50 per cent, the highest since November 1996.

RBA governor Glenn Stevens said that the Bank's decision was made because of strong economic conditions, and the high CPI outcome for the June quarter being likely to put upward pressure on inflation in the immediate future.

For those homeowners with mortgages affected by movement in the OCR, this week's decision will add around $50 more to the monthly repayments (on an average loan of 250,000).

- interest, rate, rise, movement, market

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