The Reserve Bank has lifted interest rates for the ninth time since May last year.

The Board decided to increase the cash rate target by 25 basis points to 3.35 per cent.

The combined increases will add well over $1000 a month to the average mortgage repayment.

Press PLAY below to hear what the decision means for mortgage holders 

The Board has flagged future increases over the coming months to ensure that inflation returns to target.

“What was abundantly clear from the Governor’s statement yesterday was that more rate hikes – plural – are needed in order to get inflation back down to the target band,” RateCity research director Sally Tindall told Laurel & Mark.

“There could be two, there could be as many as three or four.”

Press PLAY below to hear more 

These are the two crunch paragraphs of RBA Governor Philip Lowe's interest rate statement today

There will likely be more rate rises coming, but RBA isn't sure how big the jumps will be – that will be determined by global economy & whether Aussies keep spending big@NewsTalk4BC pic.twitter.com/ryBdxWKTBV

— Luke Cooper (@luke__cooper) February 7, 2023

Image: Brook Mitchell/Getty Images