RBA Slams Brakes on Economy with Record-High Cash Rate

The Reserve Bank of Australia (RBA) has raised the cash rate by 25 basis points to 4.60 per cent, marking its highest level in 15 years.

This decision was made amid concerns over inflation pressures and rising costs. The RBA noted that higher global energy prices, AI-driven demand for technology goods, and domestic capacity pressures are all contributing factors.

The move is likely to intensify pressure on mortgage holders, businesses, and the housing market, which is already experiencing a slowdown in momentum.