P204news.today204Tue 03 Nov05:31
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Reserve Bank of Australia raises rates to 4.85% to fight inflation
Australia's central bank raised its cash rate by 25 basis points to 4.85%, its fifth increase this year and highest since 2008.
The Reserve Bank of Australia has raised its cash rate to 4.85%, marking its fifth hike in 2026 and the highest level since November 2008. The decision was split, with six board members voting for the increase and three preferring to hold rates steady. The move aims to combat inflation, which jumped to 4.3% in September. The RBA expects inflation to remain elevated through much of 2027, with the consumer price index not returning to its 2–3% target range until late 2027, three quarters later than previously forecast. The latest increase will raise monthly mortgage payments on a £700,000 loan by £107.
From 2 outlets:
CNBC›
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