RBA Slams Brakes on Economy with Highest Interest Rate in 15 Years

The Reserve Bank of Australia (RBA) has raised its benchmark cash rate to a 15-year high of 4.6 per cent, despite rising unemployment and sluggish economic growth.

This decision marks the fourth interest rate hike this year, with the RBA attempting to combat inflation, which stands at 3.5 per cent.

Average petrol prices in Australia have risen above $2 a litre due to ongoing global oil supply disruptions caused by the Middle East conflict.

The RBA's move will increase mortgage repayments for Australian homeowners, with those on a typical $600,000 loan with 25 years remaining facing additional costs of over $90 per month.