RBA Hikes Cash Rate, Signals More Tightening Ahead

The Reserve Bank of Australia (RBA) has delivered a hawkish monetary policy decision, increasing the cash rate by 25 basis points to 4.60%.

This move comes as no surprise, given the RBA's previous guidance on inflation and economic growth.

In its statement, the RBA emphasized that demand continues to outstrip supply, keeping upward pressure on prices.

The bank also signaled that it is prepared to take further action if necessary to keep inflation in check, citing concerns about the trajectory of subsequent inflation readings.