RBA raises rates in latest blow to mortgage holders

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Perth Live with Oliver Peterson

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The Reserve Bank of Australia has lifted interest rates for the sixth month in a row.

The board decided to increase the cash rate target by 25 basis points to 2.60 per cent.

Shane Oliver, AMP economist told Oliver Peterson on Perth Live that the decision today was not surprising due to ongoing high inflation and the need to keep inflation expectations down.

 "I think the RBA was right to slow down things a little bit and sit back and access the impact of the rate hikes we've seen so far," Mr Oliver said.

"It makes sense to have a bit of a pause here. I'm not saying that they're done and that inflation is going to come straight back under control - I am hoping that they pause in November and that we are getting pretty close to the top here."

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