RBA Hikes Cash Rate to 4.60% Amid Inflation Concerns

The Reserve Bank of Australia (RBA) has raised its cash rate target to 4.60%, the highest level in nearly 15 years, amidst rising inflation concerns.

This decision marks the fourth rate hike this year and received unanimous support from the RBA's monetary policy committee.

The RBA cited increased global energy prices following conflicts in the Middle East and heightened demand for technology products driven by artificial intelligence as key factors contributing to inflation risks.