The Reserve Bank of Australia has raised its official cash rate to 4.85%, marking the highest level since 2008 as part of a fifth increase this year. The move follows rising inflation, which reached 4.3% annually, and aims to counter economic pressures exacerbated by global oil shocks linked to ongoing conflict in the Middle East. Homeowners face further mortgage rate hikes, with the central bank signaling a firm stance on tightening monetary policy. Analysts had anticipated the decision after recent warnings from senior officials about inflation risks.
Reserve Bank of Australia increases official cash rate to 4.85%, bringing it to highest level since 2008RBA interest rates live updates: Reserve Bank cash rate decisionGet our daily political email, free app or daily news podcastThe Reserve Bank has hiked rates for the fifth time this year, from 4.6% to 4.85%, in an attempt to regain control of surging inflation amid an ongoing global oil shock triggered by the war in the Middle East.The RBA’s decision to hit mortgage holders again is no surprise after inflation jumped to 4.3% in the year to September and comes following tough talk from senior central bank officials over recent days and weeks. Continue reading...
