RBA Hikes Cash Rate to Highest Level in 15 Years

The Reserve Bank of Australia (RBA) has raised its cash rate by 25 basis points to 4.60 per cent, the highest level in 15 years.

This decision comes as the RBA stated that the economy is slowing but inflation remains persistent.

Mortgages are set to become even more expensive for Australians, with the RBA noting that three increases in the cash rate since the beginning of the year have tightened financial conditions.