The much predicted increase in interest rates were announced today by the Reserve Bank Governor Philip Lowe  – but the surprise was the extent of the increase – a full 0.25 basis points.

This is only the second time that interest rates have been adjusted during an election campaign in Australian electoral history.

Those who are heavily mortgaged are going to be looking ahead with trepidation at the prospect of a hike in their mortgage payments

Image: Image: Shutterstock – Rose Makin

Produced By: Roderick Chambers

Featured In Story: Dr Tim Harcourt Airport Economist and UTS Industry Professor

First aired on The Wire, Tuesday 3 May 2022