AI summary
The RBA raised rates to an 18-year high to fight inflation, accepting short-term financial pain to prevent worse economic consequences later.
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RBA interest rates: Bullock says ‘pain now’ will prevent worse later as Reserve Bank hikes rates for fifth time
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Reserve Bank of Australia increases official cash rate to 4.85%, bringing it to highest level since 2008RBA interest rates live updates: Reserve Bank cash rate decisionGet our daily political email, free app or daily news podcastThe Reserve Bank governor Michele Bullock has said that “some pain now will prevent even worse pain down the track”, after lifting official interest rates to an 18-year high of 4.85% in a bid to combat persistent inflation.The RBA’s decision to hit mortgage holders for a fifth time in 2026 will intensify pressure on indebted households, but there were signs that the central bank will at least now wait through summer to gauge the impact of higher interest rates on the economy.Sign up for Guardian Australia’s Politics, really newsletter here Continue reading...
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