Borrowers Warned of More Rate Hikes as Interest Rates Hit 15-Year High

RBA governor's comments that the bank would raise interest rates further 'if that's what's needed to get inflation down' were seen as hawkish by economists.

Borrowers Warned of More Rate Hikes as Interest Rates Hit 15-Year High

TL;DR

  • The Reserve Bank of Australia (RBA) has increased interest rates to 4.6 percent, a 15-year high.
  • The decision to lift the cash rate target by 25 basis points was unanimous by the nine-member board.
  • RBA governor Michele Bullock stated that the increase was necessary due to high inflation.
  • This marks the fourth rate hike by the RBA since February.
  • Economists and financial markets largely predicted this move.

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