Rates rise to 1.35% – and there's no stopping now the RBA's on a mission to whip inflation

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There was no suprise in the board of the Reserve Bank of Australia lifting interest rates at its July meeting. The only question was by how much.

Would it be a “regular” increase of 25 basis points? Or a double-whammy of 50. The markets tipped the double, and were proved right. The central bank lifted its cash rate target from 0.85% to 1.35% – taking Australia’s official interest rate to its highest level since July 2019.