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

Australia's central bank has raised interest rates for the fourth time this year, taking them to their highest level in about 15 years. The Reserve Bank of Australia (RBA) lifted the cash rate to 4.6% from 4.35%, as widely expected.

The move comes amid rising energy costs and resilient domestic demand that threaten to intensify inflationary pressures, according to the RBA's statement. The nine-member policy committee voted unanimously to deliver the hike.

Since the previous meeting, some of the upside risks to inflation have materialised, the rate-setting board said in its statement. Governor Michele Bullock was due to hold a press conference in Sydney but no further details were provided.