Australia's Interest Rate Hike Worsens Cost-of-Living Crisis

The Reserve Bank of Australia (RBA) has increased its interest cash rate for the fourth time this year, taking it to 4.6 percent, the highest rate in 15 years.

This move is expected to further cut living standards for working-class households and worsen the cost-of-living crisis.

The RBA warned that more increases could come, with corporate economists predicting a rise to 4.85 percent in November and 5.1 percent early next year.