Australia news LIVE: PM announces $10b fuel security package; RBA hikes interest rates to highest level in almost 18 months

RBA hikes interest rates

'A hefty price': Chalmers blames RBA rate rise on Middle East war

Jim Chalmers has blamed the war in the Middle East for the RBA's decision to raise interest rates to their equal-highest post-COVID level.

Australia news LIVE: PM announces $10b fuel security package; RBA hikes interest rates to highest level in almost 18 months

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Pain to persist, warns Bullock as RBA wipes out 2025 cuts

The Reserve Bank has raised interest rates by another 25 basis points to 4.35 per cent, undoing last year’s relief. Governor Michele Bullock hinted at more pain and cautioned against higher government spending.

Where to invest with interest rates rising

On Tuesday, the Reserve Bank of Australia (RBA) raised the official cash rate to 4.35%.  As reported by Bernd Struben, Australia's official interest rate is now back at its post-pandemic 2024 highs. November 2011 was the last time rates were higher than the current level.  The decision from the RBA was influenced by inflation and the ongoing conflict in the Middle East.  The RBA said: In addition, the conflict in the Middle East has resulted …