RBA Hikes Interest Rates Again as Inflation Remains Stubborn

The Reserve Bank of Australia (RBA) has increased the cash rate target by another 25 basis points to 4.60 per cent, marking its fourth hike this year alone.

This move is a result of the RBA's goal to keep inflation between 2 and 3 per cent, with recent data showing that it currently hovers at 3.5 per cent.

The central bank has identified higher global energy prices, driven by disruptions to worldwide oil supplies, as one of the main culprits for this stubborn inflation.

With further rate hikes a possibility if inflation does not drop faster, the RBA will continue to monitor economic data closely over the coming months.