RBA raises interest rates to 4.35 per cent | 7NEWS

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The Reserve Bank of Australia has raised the official cash rate by 0.25 percentage points to 4.35 per cent, marking the third interest rate increase of the year. The decision, which had an 85 per cent market probability, will add $76 per month to repayments on a $500,000 mortgage and $152 per month on a $1 million loan. The rate rise comes amid persistent inflation concerns, elevated fuel prices following two months of conflict in Iran, and just one week before the federal budget, placing additional pressure on Treasurer Jim Chalmers to control spending.

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