RBA hikes interest rates to 15-year high

The Reserve Bank of Australia raised interest rates to 4.60%, the highest level in 15 years, in a move aimed at tackling persistent inflation. The increase of 25 basis points marks the fourth rate hike this year, with the board confirming that core inflation currently stands at 3.6%, exceeding the targeted range of 2% to 3%. The board also indicated the emergence of new upside risks to inflation due to rising energy costs and weak economic productivity, expressing its readiness for further monetary tightening if necessary.

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