Australia’s central bank raises cash rate to 15-year peak
Core inflation was running at 3.6%, above RBA’s target range of 2% to 3%
Australia's central bank, the Reserve Bank of Australia, increased its cash rate to a record high of 4.6% on Tuesday (Sep 29), the fourth hike of the year. The bank decided to raise rates by 25 basis points during its September policy meeting, bringing the total tightening this year to 1%. The decision comes as core inflation reached 3.6%, surpassing the Reserve Bank's target range of 2% to 3%.
The bank expressed concern over materializing upside risks to inflation, citing high energy costs and weak productivity in Australia. Financial markets anticipate at least one more rate hike in the future.
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