The Reserve Bank of Australia has lifted interest rates for the third month in a row.

Rates have lifted by 0.5 per cent.

This brings the new cash rate up to 1.35%

The last time the RBA announced three back-to-back rate hikes was in 2010.

Chris Richardson from Deloitte Access Economics joined Luke Grant on Drive with a detailed analysis of the rate hike.

Press PLAY below to hear the full interview

Joe Hildebrand broke the news of the Reserve Bank’s decision on Afternoons.

Press PLAY below to hear Joe reveal the details