From the Guardian · · 1m
RBA lifts rates to 4.85% in fifth hike this year
The Reserve Bank of Australia has raised its cash rate to its highest level since 2008, putting pressure on millions of mortgage holders and the government's economic record.
In brief
The Reserve Bank of Australia has raised its cash rate to its highest level since 2008, putting pressure on millions of mortgage holders and the government's economic record. The Reserve Bank of Australia raised its cash rate to 4.85%, the fifth increase this year and the highest since 2008, as it battles inflation…
RBA raises rates to 4.85%
The Reserve Bank of Australia has lifted its cash rate from 4.6% to 4.85%, marking the fifth increase this year and the highest level since 2008.
Inflation battle amid oil shock
The RBA is raising rates to regain control of surging inflation, driven by the ongoing global oil shock triggered by the war in the Middle East.
Pain for millions of households
Back-to-back rate hikes will increase costs for more than 3.3 million households with home loans and pressure the federal government over its economic management.
What to remember
The Reserve Bank of Australia raised its cash rate to 4.85%, the fifth increase this year and the highest since 2008, as it battles inflation driven by Middle East oil shocks.
