RBA interest rates: Reserve Bank increases official cash rate to 3.6% in record 10th consecutive rise

Interest rates at highest level since mid-2012 as central bank continues to try and drive down inflation

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The Reserve Bank has heaped more pain on borrowers, extending its record run of interest rate rises to a 10th consecutive increases in its bid to drive down inflation.

As widely expected, the central bank raised its cash rate at its monthly board meeting on Tuesday by 25 basis points to 3.6%, the highest level since mid-2012. More interest rates rises are to come but the RBA dropped its reference to needing multiple rises in coming months.

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