At its monthly meeting today, the Reserve Bank has decided to increase the official cash rate from 0.10% to 0.35%.
An increase in rates has been highly anticipated following the release of higher than expected inflation figures last week.
There was however speculation that the RBA may have delayed this increase until after the federal election and until it was satisfied there was evidence of sustainable wages growth.
Lenders can set rates independently of RBA movements and their responses to this rate hike may vary.
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