The Reserve Bank of Australia (RBA, the central bank) decided on the 29th to raise its policy interest rate, the cash rate, by 25 basis points (bp) to 4.60%. This is the highest level in 15 years and the fourth rate hike this year. The board reached the decision unanimously. The RBA judged that inflation remains too high and signaled readiness to tighten further if necessary. Markets had almost fully priced in this rate hike. Even so, following the statement's release, the probability of an additional hike at the November meeting rose to 43%. The board noted that "some upside risks to inflation have materialized since the previous meeting.
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