The Reserve Bank of Australia started the year off with an increase set to impact mortgage holders.
The RBA increased the official cash rate by 25 basis points to 3.85 percent, citing increased concerns about inflation.
HSBC chief economist Paul Bloxham explained the increase further.
LISTEN ABOVE

Enda Brady: UK correspondent on Prime Minister Starmer indicating the UK will be growing partnership with EU
04:36

Sam Dickie: Fisher Funds expert on the ongoing economic costs of the Iran war
03:25

Jamie Mackay: The Country host on farmer voicing concerns about long-term impacts of Iran conflict
03:27