RBA Rate Hikes Hit Australians Harder Than 2023

The Reserve Bank of Australia has raised interest rates to a 15-year high of 4.6%, surpassing cash rate levels in countries such as New Zealand and Canada.

Australia's inflation is expected to remain above the midpoint of the 2-3% target band for almost seven years, until mid-2028, according to the Reserve Bank's forecasts.

Economist Chris Richardson says the RBA pursued an experimental approach by keeping interest rates low to preserve jobs, but this contributed to higher inflation and longer-term rates.