The Reserve Bank has announced a few increases in interest rates over the last few months. The latest being announced as of Tuesday 4th October, the decision was made to increase the cash rate by 25 basis points, raising it from 2.35% to 2.60%. This followed 6 months of rate increases, which the Reserve Bank have stated were intended to reign in inflation.
 
The Reserve Bank of Australia governor Philip Lowe said the cash rate has already been increased substantially over this time period. He says that, "reflecting this, the Board decided to increase the cash rate by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia." The RBA's stated goal is to bring a sustainable balance of demand and supply in the Australian economy while also reining in inflation.  

We suspect there will be another review on this in the upcoming months. 

If you would like anymore information in relation to the current rise in interest rates, we have connections to some quality and very knowledgable Finance Brokers, so please do not hesitate to contact us and we would be happy to help guide you.  

Source: realestatebusiness.com.au