Interest Rate Hike from the Reserve Bank of Australia

The Reserve Bank of Australia increased its policy rate by 25 basis points to 4.60 percent due to rising energy costs and resilient domestic demand, reaching a 15-year high.

Interest Rate Reaches 4.60 Percent Level

The Reserve Bank of Australia raised its benchmark interest rate to 4.6 percent, the highest level in 15 years.

The policy rate was increased by 25 basis points in line with the risk that rising energy costs and resilient domestic demand are increasing inflationary pressures.

Fourth Interest Rate Hike of the Year Approved

The nine-member board made the decision by unanimously approving this year's fourth interest rate hike.

The board stated that companies are facing cost pressures and have either increased prices or plan to do so.

Inflation Risks and Future Steps

The board announced that some of the upside risks to inflation have started to materialize since the previous meeting.

It was stated that interest rates could be raised further if necessary to permanently return inflation to the target.