RBA Delivers Expected Rate Hike, Eyes on Bullock's Press Conference

The Reserve Bank of Australia (RBA) increased the overnight cash rate by 25 basis points to 4.6% at its September meeting, in line with market expectations.

The decision was unanimous and came with a warning from the RBA that it remains prepared to increase the cash rate further if needed to bring inflation sustainably back to target.

RBA Governor Michele Bullock's press conference will be closely watched for clues on future monetary policy, particularly whether the Board discussed delivering a 50 basis point increase, which seems unlikely but could drive another adjustment higher in the expected rate path.