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Another month another Interest Rate increase. Since the 3 rd of May 2022, the Reserve Bank has increased interest rates a total of 9 times. Almost every month. The official cash rate was 0.10% (an historically low level) in early May 2022, it has risen now to 3.35% after this month’s increase.  This has been one of the fastest periods of increase in history. Global inflation remains very high” RBA governor Philip Lowe said in the  accompanying statement . “It is, however, moderating in response to lower energy prices, the resolution of supply-chain problems and the tightening of monetary policy,” Lowe said. “It will be some time, though, before inflation is back to target rates” of 2%-3% over time. Mr Lowe went on to suggest that there would be more interest rate rises to come as well. Fun fact, the interest rate on your home loan isn’t set by the RBA, it’s set by the specific bank or lender you’ve borrowed money from to purchase your property