RBA interest rates: Reserve Bank hikes cash rate to 4.6%, the highest level since 2011
Summary
The Reserve Bank of Australia (RBA) increased its main interest rate to 4.6%, the highest level since 2011, up from 4.35%. This rise will make mortgage repayments more expensive for many Australians as inflation remains above the RBA’s target.Key Facts
- The RBA raised the cash rate by 0.25% to 4.6%.
- This is the fourth interest rate increase this year.
- Inflation is running at about 3.6% annually, above the RBA’s target of 2% to 3%.
- RBA Governor Michele Bullock warned that ongoing inflation may cause higher wages and prices.
- Treasurer Jim Chalmers linked inflation partly to global oil prices and conflict in the Middle East.
- Financial markets expect more interest rate rises into early 2027.
- Bullock will give a speech to explain the RBA’s decision later today.
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