RBA Slams Brakes with Record-High Cash Rate Hike

The Reserve Bank of Australia (RBA) has raised its cash rate to a 15-year high, increasing it by 25 basis points to 4.6 per cent.

This decision is expected to impact millions of mortgage holders, adding about $1,500 a year to repayments on an average $730,000 mortgage.

The RBA cited elevated inflation and global energy prices as reasons for the hike, warning that further rate increases may be necessary if inflation remains outside its target band.