RBA lifts cash rate to 0.35 per cent, first rise since 2010 | 7NEWS

The Reserve Bank of Australia has raised the cash rate by 0.25 percentage points to 0.35 per cent following Tuesday’s monthly board meeting, coming after last week’s strong inflation figures. It is the RBA’s first rate increase since November 2010 and after holding the rate at a record low 0.1 per cent since November 2020.

RBA governor Philip Lowe said the board judged that now is the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic.

“The economy has proven to be resilient and inflation has picked up more quickly, and to a higher level, than was expected,” Dr Lowe said.

“There is also evidence that wages growth is picking up. Given this, and the very low level of interest rates, it is appropriate to start the process of normalising monetary conditions.”
Subscribe to 7NEWS Australia for the latest news video » https://7news.link/YTSubscribe

Connect with 7NEWS online:
Visit » https://7news.com.au
7NEWS Podcast » http://smarturl.it/7NewsDaily
Facebook » https://www.facebook.com/7NewsAustralia
Twitter » https://twitter.com/7NewsAustralia
Instagram » https://www.instagram.com/7newsaustralia/

7NEWS combines the trusted and powerful news brands including Sunrise, The Morning Show, The Latest, and 7NEWS.com.au, delivering unique, engaging and continuous coverage on the issues that matter most to Australians. Watch 7NEWS nightly at 6pm and weekdays at 11:30am and 4pm on Channel 7 and 7plus.

#7NEWS #BREAKINGNEWS #RBA

7NEWS Seven News 7NEWS Australia latest news news australia Australian news today 7news australia 7 news 7news 7 news live seven news australia channel 7 latest news australia latest news today news live australian news breaking news rba philip lowe rates rise interest rates rise rate rise australia mortgage raTE RISE rba news rba news live finance news inflation australia inflation 2022 mortgge stress federal election scott morrison albo