RBA lifts cash rate to 4.60% as inflation pressures persist
The RBA increased the cash rate by 25 basis points, citing elevated inflation and higher global energy prices.
The Reserve Bank hiked the cash rate to 4.60% today, marking the third increase this year. Inflation remains above target, with recent Australian figures coming in stronger than expected.
Global oil prices have spiked due to Middle East conflict and AI-driven demand for tech components is pushing up technology costs worldwide. The RBA said firms are facing cost pressures and passing them on to consumers.
Consumer spending is easing and housing loans have fallen, but business investment remains strong. The board will keep raising rates if needed to bring inflation back to target.
- 4.60 percent
- New cash rate
- 25 basis points
- Rate increase
- Third
- Increases this year
Why it mattersRate hikes mean higher mortgage costs for borrowers and better returns on savings, directly affecting household finances across Australia.
AustraliaAustralian mortgage holders will see higher repayments; savers and term deposit holders get better rates. Businesses facing rising input costs may raise prices further.
✓ Claims checked against the source. checked 1 h ago
Open this story in InSnip →
