Reserve Bank raises interest rates again in most

The Reserve Bank has raised interest rates by 0.5 of a percentage point, bringing the cash rate target to 2.35 percent. 

Analysis by RateCity shows that the latest increase will add $216 per month to the cost of a $750,000 mortgage.

Since May, when the RBA started raising the cash rate from a record low of 0.1%, the monthly payments on a $750,000 mortgage will have gone up by $922.

Australia's central bank has now raised interest rates for five months in a row. This is the most aggressive rate increase since 1994, when the cash rate went

from 4.75 percent to 7.25 percent in just five months. The cash rate is also at its highest level since the beginning of 2015, at 2.35 percent.

In his statement after the meeting, RBA governor Philip Lowe says that the bank's board is "committed to doing what is necessary"

to "over time" bring inflation back to the bank's 2-5% target range. "The board thinks that interest rates will go up even more in the coming months

, but it does not have a set plan." The size and timing of future interest rate hikes will depend on the

new data and the board's assessment of the outlook for inflation and the labour market.