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The Guardian - AU
The Guardian - AU
National
Peter Hannam

RBA interest rates: Reserve Bank raises official cash rate to 3.1%, the eighth increase in as many months

RBA Reserve Bank Interest Rates
Homes are seen at a new housing estate at Springfield in Ipswich, Australia
The RBA has opted to increase the cash rate to 3.1%, with borrowers facing their eighth interest rate rise in as many months. Photograph: Darren England/AAP

Hopes for a “Santa pause” on interest rates have been dashed with the Reserve Bank lifting borrowing costs for a record eighth time in as many months at its last meeting for the year.

The RBA on Tuesday raised its cash rate 25 basis points. Most economists had expected the quarter point increase to 3.1%, the highest level since the end of 2012.

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