The new cash rate is 1.35 per cent

The Reserve Bank of Australia (RBA) has lifted the cash rate by 0.50 percentage points.

It means the cash rate target is now 1.35 per cent, up from 0.85 per cent last month.

This follows interest rate increases in both May and June when the RBA lifted rates by 25 basis points and 50 basis points, respectively.

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