The Reserve Bank of Australia has dropped a bomb on Australian households by handing down another interest rate rise, catching many by surprise following last month’s pause. 

The RBA has lifted the official cash rate by 25 basis points, as the rate now sits at 3.85 per cent.

Yellow Brick Road Home Loans Executive Chairman, Mark Bouris, told Ben Fordham that people are terrified about what this could mean for their households.

“What about the human impact of what the Reserve Bank is doing?” asked Mr Bouris.

“They are saying we prefer to control inflation above the effect on those people who the interest rates are going to hurt,” he said.

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