RBA Hikes Interest Rates to 15-Year High

The Reserve Bank of Australia has increased interest rates for the fourth time this year, pushing them to their highest level in nearly 15 years.

With the cash rate now at 4.6%, mortgage holders can expect to pay around $450 more per month on their mortgages compared to February.

The RBA's decision was made to combat rising inflation, which is being driven by factors such as the conflict in the Middle East and growth in AI-related demand.

The bank's governor has stated that the labour market, house prices, consumer spending, and new mortgages have all softened recently, indicating that inflation may be on the way down.