RBA Hikes Interest Rates to 15-Year High Amid Inflation Concerns

The Reserve Bank of Australia (RBA) has increased interest rates to their highest level in 15 years, with a 25-basis-point hike to 4.6%.

According to RBA governor Michele Bullock, the decision was made to combat inflation, which is currently too high.

Bullock stated that if further rate hikes are necessary to bring down inflation, they will be implemented.

Economists are divided on whether another rate hike is imminent, with some predicting a November increase and others believing rates may peak at 4.6%.