RBA Lifts Rates to 15-Year High Amid Inflation Fears

The Reserve Bank of Australia (RBA) has raised interest rates by 0.25 percentage points, taking the cash rate target to its highest level in 15 years at 4.60 per cent.

This decision comes as the RBA attempts to bring inflation down to a target range of 2-3 per cent.

The latest interest rate hike will be a blow to homeowners with large mortgages, but may benefit individuals with high-interest savings accounts who could see their savings earn more interest if their bank applies higher rates.