RBA Set to Raise Interest Rates Again Amid Inflation Fears

The Reserve Bank of Australia is set to raise interest rates for the fourth consecutive time, with borrowing costs expected to reach 4.6% - their highest in 15 years.

Economists are warning mortgage holders to prepare for another rate hike, which will further exacerbate the struggles of homebuyers already reeling from three consecutive interest rate increases.

The government's spending has been cited as a contributing factor to inflation, with Deputy Prime Minister Richard Marles attributing the rising prices to conflict in the Middle East. However, Opposition frontbencher James Paterson disputes this view, arguing that the government's own stimulus spending is driving up costs.