Australian Central Bank Raises Key Interest Rate to 4.60% Amid Inflation Concerns

The Reserve Bank of Australia increased its cash rate by 25 basis points to 4.60%, marking the fourth hike this year and reaching its highest level since 2011. This decision addresses persistent inflation, which remains above the 2-3% target, driven by global oil supply disruptions and strong domestic growth. The move aims to tighten financial conditions and is expected to impact Australian mortgage holders.