Live updates: Reserve Bank hikes OCR, further rate rises likely ahead

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The Official Cash Rate (OCR) affects consumers' mortgage and savings rates.

The Official Cash Rate (OCR) affects consumers' mortgage and savings rates. (Source: 1News)

The Official Cash Rate (OCR) affects consumers' mortgage and savings rates.

The Official Cash Rate (OCR) affects consumers' mortgage and savings rates. (Source: 1News)

The Reserve Bank has delivered its official cash rate (OCR) decision this afternoon, and it's confirmed to be a hike.

Follow 1News' live updates for more.

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