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

The Reserve Bank of Australia (RBA) has raised its cash rate to a 15-year high of 4.60% on September 29, making it the fourth hike this year.

The decision was unanimous among the RBA board members, who voted to increase rates by 25 basis points, bringing the total tightening this year to 1 percentage point.

The move comes as inflation remains high, with core inflation running at 3.6%, above the RBA's target range of 2% to 3%. Energy costs are also a concern, and productivity is weak in Australia.