RBA increases cash rate to 2.60%

In a widely anticipated move, the Reserve Bank of Australia increased the official cash rate by 25 basis points to 2.60% at today’s board meeting.

The increase was the sixth in as many meetings. However, RBA governor Philip Lowe signalled in mid-September that the rapid increase in interest rates might soon slow.

"At some point, it will be appropriate to slow the rate of increase in interest rates and the case for doing that becomes stronger as the level of interest rates increases,” he said.

You can read the RBA's October statement here