At it’s meeting on Tuesday, the Reserve Bank has opted to increase the cash rate to 0.35 per cent.
The number is up from the current rate of 0.1 per cent and increase of 25 basis points.
It’s a massive blow to home owners as economists predicted a far more modest jump to between 0.15 per cent and 0.25 per cent.
The rise is the first in eleven years and comes after the nations cash rate sat at historic lows since 2020 due to the COVID-19 pandemic.