Thread by @7NewsSydney

The Reserve Bank of Australia has hiked the interest rate for the first time in a decade in response to soaring inflation. 7news.link/3FarZWP #7NEWS

The @RBAInfo has raised interest rates by 25 basis points, bringing the cash rate to 0.35%. It is the first time interest rates have been increased since November 2010. Both @ANZ_AU and @Westpac have predicted they're looking at 2% of increases by mid next year. #7NEWS

Australians with mortgages are bracing for increased loan repayments after the Reserve Bank pulled the trigger on higher interest rates. The RBA board upping its official rate by 25 basis points to 0.35 per cent., the first hike in more than a decade.

The @CommBank says they will increase home loan variable interest rates by 0.25% p.a. 7news.link/3FarZWP #7NEWS

The interest rate hike is likely to be the first of many to fight rising inflation and people are nervous. Many are already struggling to make ends meet as the cost of living skyrockets, but there are ways to help balance the household budget.

RBA governor Philip Lowe has warned more interest rates are to come, saying it will ensure inflation returns to its two to three per cent target. #7NEWS

The prime minister has taken a swing at the four big banks calling on them to pass on benefits to customers with deposits after yesterday's cash rate hike. The banks were quick to lift their loan rates following the Reserve bank announcement. 7NEWS.com.au #7NEWS

The first interest rate rise in almost 12 years is quite literally hitting home with brokers reporting a busy day on the phones as borrowers react. Most are facing a tough choice between the temptation of cheap variable rates or the security of fixed deals. #InterestRate #7NEWS