RBA Rate Hike Sparks Recession Fears as Aussie Miners Shine

After years of government spending, Australia's economy is struggling to keep up. The Reserve Bank of Australia (RBA) has raised interest rates for the fourth time this year, with the cash rate now at its highest level in 15 years - 4.6%. This means mortgage holders will have to pay nearly $1500 more per year.

RBA Governor Michele Bullock emphasized that demand is outstripping supply and monetary policy can't fix everything. The RBA has left the door open for another rate hike, with markets pricing in a chance of a November increase as inflation remains above target.

Meanwhile, Dateline Resources has made significant gains on the ASX after receiving backing from Washington to restart operations at its Colosseum project. The stock rose 130% this week, driven by the US Department of Justice's motion for a stay of the preliminary injunction that halted work at Colosseum.

Mamba Exploration also made the Runners list with a 115% gain after discovering historical high-grade copper results at its Meeka East project in Western Australia. The company has the cash to start fresh drilling and exploration at the site, which is just 30km from Solstice Minerals' Nanadie project.