IN FULL: Reserve Bank of Australia lifts interest rate by 0.25 of a percentage point | ABC News

The Reserve Bank has elected to slow the breakneck pace of interest rate rises, with the sixth straight hike being 0.25 of a percentage point instead of the widely expected 0.5. The official interest rate now stands at 2.6 per cent. Karina Carvalho is joined by Peter Ryan and Sue Lannin for full coverage. Subscribe: 🤍ab.co/1svxLVE Read more here: 🤍ab.co/3SP3Hbf The increase will add $74 a month to repayments on a 25-year $500,000 mortgage, and double that for borrowers with a million dollar home loan. 🤍🤍abc.net.au/news/business/ ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: 🤍ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: 🤍ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: 🤍ab.co/2lNeBn2 Like ABC News on Facebook: 🤍facebook.com/abcnews.au Follow ABC News on Instagram: 🤍instagram.com/abcnews_au Follow ABC News on Twitter: 🤍twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia