RBA interest rates: Reserve Bank hikes cash rate to 4.6%, the highest level since 2011

Australia’s central bank has raised its key interest rate to 4.6%, the highest level since 2011, signaling further potential increases ahead. The move, widely anticipated, marks the fourth cash rate hike this year and will place additional financial pressure on homeowners struggling with rising mortgage repayments. With the rate now at 4.6%, economists and borrowers alike are bracing for the economic ripple effects of sustained tightening. The decision underscores the Reserve Bank’s commitment to combating inflation, though it may deepen affordability challenges for Australian households.

Widely expected decision is fourth increase to interest rate this year and will be blow to mortgage holders across AustraliaFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe Reserve Bank of Australia has lifted its key interest rate to 4.6%, its highest level since 2011, while warning of further hikes.The widely expected fourth increase to the cash rate this year will add to repayment costs for millions of mortgage holders across the country. Before Tuesday’s meeting, it sat at 4.35%. Continue reading...