RBA Slams Brakes on Economy with 15-Year High Cash Rate

The Reserve Bank of Australia (RBA) has increased the cash rate to its highest level in 15 years, reaching 4.6 percent.

This decision was made by the RBA board's nine voting members, who unanimously agreed to raise the cash rate by 0.25 percentage points.

The move is aimed at controlling inflation, which currently stands at 3.5 percent.

In a statement, the RBA warned that it may need to raise interest rates again this year to combat rising prices and prevent entrenched inflation across the economy.