RBA Raises Rates Amid Inflation Concerns

The Reserve Bank of Australia (RBA) has raised its benchmark borrowing rate to 4.6%, its highest in nearly 15 years, as inflation continues to be a concern.

This is the fourth rate hike this year, and it means that average mortgage holders will now pay about $450 more per month than they did in February.

RBA governor Michele Bullock said that high inflation hurts all Australians, not just those with mortgages or businesses with loans.

The government has been accused of being spendthrift, contributing to the inflation problem. However, Treasurer Jim Chalmers rejected these claims, saying that the re-escalation of the war in the Middle East is a major contributor to the current inflation challenge.