It was the year of the interest rate rise, which sparked the government's banking reforms.

At the end of 2009, experts were warning that 2010 could be the year for interest rate rises – and they couldn't have been more on the mark.

The Reserve Bank of Australia kickstarted the first half of 2010 by lifting the official cash rate by 25 basis points consecutively in March, April and May, taking the official cash rate from 3.75 per cent in January to 4.5 per cent in May.

By this time, the RBA Board had pretty much decided that the outlook for the Australian economy was a little stronger than first anticipated, in the wake of the GFC. After assessing the prospects for demand and inflation, the Board set monetary policy as needed to achieve an average inflation rate target of two to three per cent over time.

After historically low interest rates during 2009, these sudden rate rises had a small ripple effect on the property market across the country, and the Sunshine Coast was no exception, with slowing inquiry rates anecdotally recorded throughout the region.

After historically low interest rates during 2009, these sudden rate rises had a small ripple effect on the property market across the country, and the Sunshine Coast was no exception, with slowing inquiry rates anecdotally recorded throughout the region

In a controversial move, the country's leading banks passed on an inflated rate rise to consumers, sparking a media frenzy which was followed by a number of banking reform packages that were introduced by the Gillard Government. Deputy Prime Minister and Treasurer Wayne Swan said the strategy would apply to the big banks.

"We've worked carefully and methodically with our financial regulators to develop a package of reforms that will be effective and enduring, and won't let the big banks off the hook.

"There's no silver bullet here – the challenges flowing from the global financial crisis can't be solved overnight – but we'll keep working hard to give all Australians a fighting chance."

The official cash rate remained unchanged throughout the second half of 2010, with the exception of November in which the RBA doused the cash rate with another 25 basis points. In December, the Board left the rate unchanged at 4.75 per cent.

While the aggressive rate rises at the start of the year left a sour taste in the mouths of investors and mum and dad property owners, it still remains far lower than the rates we've seen in the past few decades.