The Reserve Bank of Australia has increased interest rates for the third consecutive time this morning bringing the cash rate up to 3.75%. A $300,000 loan over 25 years will now require $47/month more. First home buyers will also see another $7,000 wiped out from the first home buyer's grant at the end of December. This is a good sign for the Australian economy and the AUD has reflected that, rising to US91.5c following the RBA announcement.
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