The West Australian

For the first time in more than 11 years, the Reserve Bank of Australia (RBA) has lifted the official cash rate, increasing it by 25 basis points to 0.35 per cent.

According to the RBA Governor Philip Lowe, the board judged that now was the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian economy during the COVID-19 pandemic.

“The economy has proven to be resilient and inflation has picked up more quickly, and to a higher level, than was expected,” he said. “There is also evidence that wages growth is picking up.

“Given this, and the very low level of interest rates, it is appropriate to start the process of normalising monetary conditions.”

For industry experts, the decision to increase the official cash rate didn’t come as a surprise.

“The decision has been in the making for some time – it was inevitable,” UDIA WA CEO Tanya Steinbeck said.

To read the full article including further comments from UDIA WA CEO Tanya Steinbeck, click here.