Interest rates have risen for the ninth time in a row and the governor of the Reserve Bank (RBA) has issued a confronting warning to Australians.

The RBA has lifted the cash rate 25 basis points to 3.35 per cent.

RBA governor Philip Lowe has warned 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,” he said.

Image: Photo by Lisa Maree Williams/Getty Images