RBA Hikes Cash Rate to 11-Year High Amid Inflation Worries
The Reserve Bank of Australia (RBA) has raised its cash rate to 4.60%, marking the highest level since 2011.
This decision comes amid ongoing concerns about inflation and a tight labour market, which was anticipated by markets and banks.
Borrowers on variable-rate mortgages will face higher repayment costs as a result, adding pressure on the Albanese government over living expenses.