RBA Hikes Cash Rate, Signals Further Tightening Ahead

The Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to 4.60%, in line with market expectations.

This move was accompanied by a statement from the RBA, which signalled that inflation remains too high and left the door open to further tightening if needed.

Australia's 10-year government bond yield has now reached a post-2011 high of around 5.42%.