Australia's Central Bank Raises Rates to 15-Year High Amid Inflation Concerns

Australia's central bank has raised its benchmark interest rate to a 15-year high of 4.6%, in an effort to combat inflation that has been exacerbated by the Middle East conflict.

The Reserve Bank of Australia (RBA) increased the cash rate by 25 basis points, as expected by economists polled by Reuters. This marks the fourth time this year that rates have been raised, with a total increase of 100 basis points.

Michele Bullock, Governor of the RBA, did not provide any indication that future rate hikes are off the table, stating only that future moves will hinge on incoming economic data.