Reserve Bank of Australia Raises Rates Another Quarter Point to 4.85%, an 18-Year High, as Inflation Return to Target Slips - BigGo Finance

The Reserve Bank of Australia (RBA) held its rate meeting on Tuesday and voted 6-3 to raise the Cash Rate target by 25 basis points to 4.85%, in line with market expectations and marking the highest rate level since 2008. It was the central bank's second consecutive meeting with a rate hike and its fifth round of monetary tightening this year. Notably, three board members voted to keep rates unchanged at 4.60%, indicating divisions within the decision-making body over whether to continue tightening. In its post-meeting statement, the central bank did not explicitly signal further rate hikes, reiterating only that it will continue to monitor data and the latest assessments of the outlook and risks as the basis for its decisions.