RBA Hikes Cash Rate to 15-Year High Amid Inflation Concerns

The Reserve Bank of Australia (RBA) has raised its cash rate to 4.6%, the highest level since 2011, in an effort to combat elevated inflation.

This is the fourth interest rate hike this year, with analysts predicting another increase could take the cash rate to a record 18-year high of 4.85%.

The RBA cited rising global energy prices and the ongoing conflict in the Middle East as contributing factors to its decision.