RBA Slams Brakes on Economy with Interest Rate Hike

The Reserve Bank of Australia (RBA) has increased interest rates to 4.6%, marking their highest level since 2011, after a unanimous decision by the RBA board.

This 25-basis-point hike was widely anticipated following hotter-than-expected inflation and rising oil prices.

The RBA cited elevated inflation, materializing upside risks, and broadened global energy prices as reasons for the rate increase.

With the cash rate at 4.6%, average owner-occupier variable rates will rise to 6.49%, according to Canstar.