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 dollars a month to the average mortgage repayment.

In a statement, the RBA warns that more increases are on the horizon:

The Board expects that further increases in interest rates will be needed over the months ahead to ensure that inflation returns to target and that this period of high inflation is only temporary.