RBA Hikes Rates Again as Inflation Hits Four Percent

The Reserve Bank of Australia (RBA) has raised interest rates for the second time this year, lifting them to a 15-year high of 4.6 per cent.

This move follows news that Australia's annual headline inflation rate has climbed to four per cent, with higher oil prices continuing to impact the economy.

According to data from the Australian Bureau of Statistics (ABS), consumer price index rose 0.4 per cent in August, with annual headline inflation at 3.5 per cent the previous month.

Shane Martin, director of Zeally Finance, warned that 'inflation is the silent killer' and households are feeling the impact of rising prices alongside higher borrowing costs.