RBA interest rates: Reserve Bank lifts official rate to 3.35% in record ninth consecutive hike to tame inflation

Mortgage holders likely to feel immediate pain but RBA indicates further increases to come in attempt to bring inflation under control

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Australia's central bank has slugged borrowers with another increase in interest rates, extending the record run of hikes to nine meetings in a row as it tries to cut inflation, and indicating there are further increases" to come.

The Reserve Bank at its first board meeting of 2023 on Tuesday raised its cash rate 25 basis points to 3.35%, its highest level in just over a decade. Most economists had predicted such an increase.