RBA increases cash rate for the first time in 12 years

The Reserve Bank of Australia (RBA) increased the official cash rate by 25 basis points to 0.35% at today’s board meeting.

This is the first cash rate hike in more than a decade and comes after core inflation grew by 3.7% over the year to March – well above the RBA's 2-3% target.

You can read the RBA's May statement here...