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Australia raises benchmark rates to 15-year high as it fights sticky inflation
The 0.25-point increase adds more than $90 a month to a typical $600,000 mortgage as the bank seeks to curb 3.5% inflation.
- The Reserve Bank of Australia raised its benchmark cash rate by 0.25 percentage points to 4.6 per cent on Tuesday, marking the fourth increase this year to combat persistent inflation.
- Rising fuel costs from the Middle East conflict prompted the decision, as Reserve Bank officials expressed growing impatience with returning inflation to the 2–3 per cent target range.
- The hike adds more than $90 monthly to repayments on a typical $600,000 mortgage, while AMP chief economist Shane Oliver noted combined rate and petrol costs have increased average household expenses by $530 since January.
- At 4.6 per cent, Australia now holds one of the highest official interest rates among major economies, reaching its highest level in 15 years despite rising unemployment and falling house prices.
- The Bureau of Statistics will release September quarter inflation data on Wednesday, as the Reserve Bank watches for signs of whether these rate increases are successfully curbing sticky inflation or cooling the economy further.
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8 Articles
8 Articles
Sydney Morning Herald+2 Reposted by 2 other sources
RBA hikes interest rates to 4.6 per cent in 15-year high
The bank’s monetary policy board benchmark raised the benchmark cash rate by 0.25 of a percentage point to 4.6 per cent on Tuesday adding about $91 a month to a typical $600,000 mortgage with 25 years remaining.
·North Sydney, Australia
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Australia Raises Key Rate to 15-Year High to Restrain Inflation
Australia’s central bank resumed raising interest rates on Tuesday, judging it couldn’t wait any longer to respond to rising energy costs and resilient domestic demand that threaten to intensify inflationary pressures.
·New York, United States
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Coverage Details
Total News Sources8
Leaning Left4Leaning Right0Center2Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 33%
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