Reserve Bank of Australia lifts interest rates by 50 basis points to 1.35 per cent

target by another 50 basis points, taking the baseline interest rate to 1.35 per cent.

Following the decision Treasurer Jim Chalmers said the rate rise was coming at a time when Australians were already dealing with "stretched budgets". "The government changed hands at a time of high and rising inflation, sky rocketing interest rates and falling real wages, and we have inherited a trillion dollars in debt which is now more expensive to service."RBA Governor Philip Lowe said the nation's central bank was doing what was necessary to control soaring levels of inflation.

"The resilience of the economy and the higher inflation mean that this extraordinary support is no longer needed. The Board expects to take further steps in the process of normalising monetary conditions in Australia over the months ahead. "The Reserve Bank of Australia has once again increased the cash rate in an effort to reign in inflation before a 'spiral' sets in," she said.

Thompson said the housing market has already been hit by interest rate hikes, with Sydney and Melbourne prices dropping by up to 2.8 per cent over the past three months.

This video summarises what RBA has done to Australia today...Banks raise rates - Economy collapses

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