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

The Reserve Bank of Australia (RBA) has raised the cash rate to a 15-year high of 4.6%, up from 4.35% previously.

This move was widely expected, given persistent inflation and rising Middle East oil prices.

RBA Governor Michele Bullock stated that the increase is necessary to bring down inflation, which currently stands at 3.6%

Bullock also acknowledged that a recession is possible if inflation expectations get away from the bank.