RBA Hikes Cash Rate to 4.60%, Fourth Increase This Year

The Reserve Bank of Australia (RBA) has raised its cash rate for the fourth time this year to 4.60%, in line with market expectations.

This move comes as part of a broader trend, with major central banks around the world increasing their rates in response to high energy prices and inflation above target.

The RBA has signaled that unemployment needs to rise further to ease inflation, and Governor Michele Bullock has indicated that another rate hike may be necessary if underlying inflation remains above target.

While markets barely reacted to the news, certain sectors such as property trusts and consumer-discretionary stocks remain vulnerable to rising interest rates.