Massive pressure for Australian home buyers ahead of the Christmas season.

Australia's Reserve Bank has hiked interest rates up again in their final decision for the year for the eighth consecutive month.

It has lifted its cash rate by 25 basis points to a 10 year high of 3.1 percent.

Australian correspondent Murray Olds says it puts the heat on people with big home loans.

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• Australia's Reserve Bank Governor apologises for being unclear about moving interest rates
• Reserve Bank of Australia increases OCR by 25 basis points, surprising financial markets