Yep, the Reserve Bank’s confirmed another 0.25% increase after its first board meeting of 2023. The 9th consecutive rate rise brings the official cash rate up to 3.35% – the highest its been since September 2012. As for how that hits the hip pocket, people better at maths than us say it means an extra $110 a month for those paying off a $750,000 home loan. And there’s more to come this year… Boss Philip Lowe says “the board expects that further increases in interest rates will be needed over the months ahead” to curb ongoing high inflation, which is in line with what many economists predict. Lowe says the board will look at what’s happening in the global economy, household spending, employment and inflation to decide on future rises.