RBA Hikes Rates to 4.60% as Inflation Concerns Mount

The Reserve Bank of Australia (RBA) has raised its policy interest rate to 4.60%, marking the highest level in 15 years.

This is the fourth rate hike this year, with a total increase of 100 basis points since the beginning of the year.

The RBA's decision was unanimous, with the board citing that inflation remains too high and signaling readiness to tighten further if necessary.

The core inflation rate stands at 3.6%, significantly above the target range of 2-3%.