The Reserve Bank of Australia has again raised the official cash rate this week, for the fourth month in a row.
The latest rise of 50 basis points takes the new rate to a six-year high of 1.85%, and is likely to add an extra $174 per month to the average mortgage of $625,000.
In an indication of its concern over runaway inflation, this is the first time the Bank has raised the cash rate over four consecutive months since 1990, when it was first charged with holding inflation to around 2-3%.
