The Reserve Bank dashed any hopes the advent of spring might mark the end of what has truly been a winter of discontent when it lifted its cash rate target by 50 basis points to 2.35 per cent on Tuesday.
While the latest increase was not unexpected it added insult to injury in that in August last year the Reserve Bank governor Dr Philip Lowe was assuring Australians the RBA had no plans to increase rates until 2024 despite the fact warning signs the economy was starting to heat up were already there.
