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RBA announces rate rise.

Homeowners have had their fears confirmed with the Reserve Bank deciding to raise interest rates by a quarter of a per cent for the second time in three months. The RBA’s new base rate is now 6 per cent, the highest level since February 2001, adding about $35 a month to the average home loan. In a statement, RBA governor Ian Macfarlane said economic activity was strong across Australia and inflation pressures had increased. The move takes the official cash rate to six per cent, the highest since early 2000.

CommSec chief equities economist Craig James said although warranted, he hoped the rate rise was the last in the current cycle. ”(It’s) very much as the market excepted, and really we hope this will be the last interest rate hike that we will see,” he told Sky News….more

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