The Reserve Bank of Australia lifted rates for the sixth consecutive month on Tuesday, October 4.
The RBA board announced its decision at 2.30pm with a 25 basis point rise from the current cash rate of 2.35 per cent in a bid to curb inflation which is running at more than double speed.
Inflation is set to peak at 7.75 per cent in the December quarter which is well above the RBA's target range of two to three per cent.
Follow the announcement from the RBA as it happened here:
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Today's decision comes off the back of Monday's announcement that Australia's home values have dropped for the fifth consecutive month.
Home values across the country dropped 1.4 per cent in September after a 1.6 per cent fall in August, according to CoreLogic's national Home Value Index.
The September decline marks the fifth fall in a row in the national index as the impact of consecutive interest rate hikes plays out in the property market.