No Christmas gift for borrowers from the Reserve Bank of Australia this week, with the Board again lifting the official cash rate, this time by 0.25 basis points to 3.10%.
It was the eighth straight rate rise since May, when the bank started lifting the cash rate from the record low 0.1% where it had been for the previous 16 months.
The move takes the cash rate to its highest level in ten years, since November 2012 when it was 3.25%. The rise will add a further $75 to monthly repayments on a 25-year, $500,000 home loan.
