101 Finance Group

Today's Interest Rate increase:

After 138 months, the Reserve Bank of Australia (RBA) has decided to increase the official cash rate by 25 basis points to 0.35 per cent in response to increasing inflation pressures.

The latest inflation data showed Australia had recorded the highest quarterly and annual increase in more than two decades.

The last time the RBA increased interest rates was in November 2010. The official cash rate has been at a record low of 0.1 per cent since November 2020.