RBA Hikes Interest Rates Again Amid Stubborn Inflation

The Reserve Bank of Australia (RBA) has hiked interest rates for the fourth time this year, increasing the cash rate target by 0.25 percentage points to a 15-year high of 4.60 per cent.

This decision, made on September 29, aims to combat stubborn inflation, which is currently sitting at 3.5 per cent and hovering above the RBA's target range of 2-3 per cent.

The central bank has pointed to higher global energy prices and domestic capacity pressures as key contributors to rising costs, with fuel prices pushing up transportation costs and eventually passed on to consumers at the supermarket checkout.