RBA Raises Interest Rates to 15-Year High
The Reserve Bank of Australia raised the official interest rate to 4.60%, the highest level in 15 years, in a move aimed at tackling the high inflation rate of 3.6%, which is above the target range of 2% to 3%. The decision was unanimous during the September meeting, with expectations of further monetary tightening if inflation risks continue to rise, especially given the increasing energy costs and declining economic productivity. Overall, interest rates have increased by a full percentage point this year, with market signals indicating the likelihood of at least one more hike in the coming period.
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