Reserve Bank of Australia raises cash rate to 4.85%, fifth hike this year
Guardian World1 min read95 words
The Reserve Bank of Australia has raised the official cash rate to 4.85%, the highest level since 2008. The increase moves the rate from 4.6% to 4.85% and marks the fifth rate hike the central bank has implemented this year.
The RBA said the move is intended to regain control of surging inflation, which rose to 4.3% in the year to September, amid a global oil shock linked to the war in the Middle East. The decision follows recent tough talk from senior central‑bank officials and is described as a further impact on mortgage holders.
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