RBA interest rates: Reserve Bank hikes cash rate by 25 basis points to 4.35%

Quarter-point increase to the cash rate will add roughly $100 to monthly repayments for a standard mortgage of about $600,000

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Australia's borrowers have been dealt another blow with the Reserve Bank lifting its key interest rate for the first time in five months to ensure inflation keeps falling.

The RBA board on Tuesday decided to hike its cash rate 25 basis points to 4.35%, a 12-year high. The increase, widely anticipated by economists, was the central bank's 13th rate rise since May 2022.

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