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

The Reserve Bank of Australia (RBA) has raised interest rates for the third time this year, lifting the cash rate to its highest level since 2011.

In a unanimous decision, the RBA's board increased the cash rate by 25 basis points to 4.6 per cent.

This hike will likely impact borrowers, with the average owner-occupier variable rate expected to climb to around 6.5 per cent, according to financial comparison site Canstar.