Australia's Reserve Bank Hikes Cash Rate to 15-Year High

Australia's central bank has raised its cash rate to a 15-year high of 4.6 percent in its fourth hike this year.

The Reserve Bank of Australia board voted unanimously to lift its key interest rate by 25 basis points, bringing the total tightening this year to a full percentage point.

The decision was made at the bank's September policy meeting, where it cited high inflation and weak productivity as major concerns.