6 Oct 2021

Interest rates rise as Official Cash Rate goes up to 0.5 percent

From Checkpoint, 6:08 pm on 6 October 2021

Interest rates are going up, as the Reserve Bank hiked its Official Cash Rate by a quarter of a percentage point to 0.5 percent this afternoon.

It is the first rise in seven years as it moves to tackle rising inflation pressures and stop the economy overheating.

Financial experts say while households can tolerate the increase today, the concern is the prospect of more rises in the future.

Business reporter Anan Zaki has more.