The Reserve Bank has increased the cash rate to 4.1 per cent. It’s the highest cash rate since April 2012.

AMP Chief Economist Shane Oliver spoke with Oly Peterson on 6PR’s Perth Live this afternoon.

‘We’ve now seen interest rates go up by four percent or 400 basis points from where they were in April last year – a massive increase in interest rates in a relatively short period,” Mr Oliver said.

Press PLAY to hear expert opinion on how we break this rate cycle