RBA Hikes Interest Rates to 15-Year High, Testing Government's Economic Plans

The Reserve Bank of Australia (RBA) has raised interest rates to a 15-year high, with the cash rate now at 4.6%. This move comes as the Albanese government faces increased pressure over its economic plans.

Reserve Bank Governor Michele Bullock was questioned by media about the decision, but focused on domestic pressures rather than external factors like the war.

The RBA's move is likely to have significant implications for the economy and the government's plans, which may need to be revised in light of this development.