Mortgage holders will have to dig deeper to repay their loans after the Reserve Bank of Australia unveiled the 10th consecutive increase to the nation's cash rate.
The RBA on Tuesday unveiled a further 25 basis point increase, taking the cash rate to 3.6 per cent - its highest level since May 2012.
"This will make life harder for many Australians who are already under the pump," Treasurer Jim Chalmers told Question Time. The RBA has lifted the cash rate by another 25 basis point to 3.6 per cent. Picture: NCA NewsWire / Brenton Edwards An additional $1474 a month has been added to a $750,000 mortgage in that time, and an extra $1966 to a $1 million mortgage. The RBA has continuously lifted the cash rate in the face of persistently high inflation.
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