There is an old saying that if all you have is a hammer then everything looks like a nail, which is appropriate as the RBA attempts to adjust the economy.
The official cash rate has hit the highest point it's been since April 2016 following the RBA's decision to increase rates by 50 basis points to 1.85%.
With uncertain times ahead after two interest rate hikes in as many months, we look back at the last time the country saw consecutive cash rate increases.
Interest rates are now back to pre-COVID levels following the Reserve Bank's decision to lift the official cash rate by 50 basis points to 0.85% at its June board meeting.
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