BREAKING NEWS - RBA raises cash rate, reporting from Martin Place in Sydney

As expected, the Reserve Bank has increased interest rates for the fourth month in a row, raising its cash rate target by half a percentage point.  

I joined the ABC's special coverage earlier as the news broke

The cash rate target has now increased by 1.75 percentage points since the start of May to 1.85 per cent.

The rise in the cash rate since early May will add about $472 a month to repayments on a $500,000 loan.

The RBA has now lifted its benchmark interest rate by 1.75 percentage points since its first rate rise in May, with the cash rate target sitting at 1.85 per cent.  

In his post-meeting statement, Reserve Bank governor Philip Lowe said the latest rate rise was unlikely to be the last this year.

Here's my analysis from outside RBA headquarters in Sydney shortly after the decision was released.