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The Reserve Bank has raised interest rates for the fourth month in a row, raising its target rate by half a percentage point. Key points: RBA has raised interest rates by 0.5 percentage point The target cash rate has now increased by 1.75 percentage points since early May to 1.85 percent A cash rate increase since early May will add about $472 per month to a $500,000 loan payment The RBA has now raised its benchmark interest rate by 1.75 percentage points since the first rate hike in May, with the target rate at 1.85 percent. In his post-meeting statement, Reserve Bank Governor Philip Lowe said the latest rate hike is unlikely to be the last this year. “The board expects to take further steps in the process of normalizing monetary conditions over the next few months, but not on a predetermined path,” he said. “The size and timing of future rate hikes will be guided by incoming data and the board’s assessment of the inflation and labor market outlook. “The Board is committed to doing wh

Unsealed court documents show Amber Heard abandoned divorce payments from Johnny Depp that could run into the tens of millions of dollars, as the struggling actress sold her beloved California home. Documents seen by the Daily Beast show that the Aquaman star, 36, ignored guidance from his legal team not to pursue Depp for the maximum cash he was entitled to after they filed for divorce in 2016. He could have asked for half of the $33 million Depp he made to shoot the fourth Pirates of the Caribbean film, because it was made while they were married. But Heard chose not to, and wrote to them an email saying he was ‘very true to his word, that it’s now about money.’ A judge refused to allow the evidence to be accepted during Depp’s defamation lawsuit against Heard. He was ordered to pay Depp a total of $8.3 million after being found guilty of defamation, but said he did not have enough money to do so. Amber Heard appears to have sold her Southern California property for over a mil

“You can never go wrong with the inner city area… the market may be down at the moment but it won’t be like that forever.” Happy shopper Martin Muscat (right) with his father John Muscat. Credit: Peter Rae An experienced apartment renovator, Muscat says he has factored in the higher building costs when deciding what he will spend on the house. He plans to make some repairs and rent it out temporarily, before tackling a larger renovation. “We wanted to turn it into a contemporary four-bedroom residence, and definitely wanted to keep the facade… we’ve added a few hundred thousand dollars into what we initially thought would cost and let’s hope it doesn’t exceed that.” Sales agent Gerardo Ricco, of Ray White Hurstville, was surprised by the turnout given the cold market and rapidly rising building costs. He had expected about 10 bidders. “The owner will take a little less [than the reserve] if we have to because the market is like that, but we don’t have to, just take off,” he said.