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● LIVE Updated 16m ago · 20 sources tracked

Australia hikes rates to 18-year high to fight inflation

The Reserve Bank of Australia (RBA) has raised interest rates to 4.85%, the highest level in 18 years, in a bid to combat inflation. This marks the fifth consecutive rate hike. The move is expected to put pressure on household budgets, particularly for mortgage holders. The RBA's decision was made in a split vote, suggesting a potential pause in future rate hikes.

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⚡ Key Developments & Real-Time Context
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  • ✓ Australia's central bank raised interest rates to 4.85%, the highest level in 18 years.
  • ✓ The RBA's decision was made in a split vote.
  • ✓ The rate hike is the fifth consecutive increase.
  • ✓ The move is expected to put pressure on household budgets, particularly for mortgage holders.
🛡️ Source Corroboration: 20 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

The RBA increased the cash rate to 4.85%, the highest level since 2008.

Live updates

  1. Australia hikes rates to 18-year high to fight inflation

    The Reserve Bank of Australia (RBA) has raised interest rates to 4.85%, the highest level in 18 years, in a bid to combat inflation. This marks the fifth consecutive rate hike. The move is expected to put pressure on household budgets, particularly for mortgage holders. The RBA's decision was made in a split vote, suggesting a potential pause in future rate hikes.

    Why it matters

    The RBA's rate hike is aimed at addressing Australia's persistent inflation issue. The country's inflation rate has been high, and the central bank has been using monetary policy to try to bring it under control. The rate hike will likely have significant implications for the economy and households, particularly those with mortgages. This move comes as the government faces pressure to address cost-of-living concerns.

    What is confirmed

    • Australia's central bank raised interest rates to 4.85%, the highest level in 18 years.
    • The RBA's decision was made in a split vote.
    • The rate hike is the fifth consecutive increase.
    • The move is expected to put pressure on household budgets, particularly for mortgage holders.

    What to watch next

    • The government's response to the rate hike and its impact on the economy.
    • The RBA's future monetary policy decisions.
    • The effect of the rate hike on inflation and household budgets.
    Sources used for this update (30)
    1. www.straitstimes.com — Oil edges lower following three days of gains
    2. www.nine.com.au — Maricarmen death: 87-year-old woman whose eviction shook Spain dies in hospital | Nine.com.au
    3. www.smh.com.au — Does eating eggs increase cholesterol plus other myths
    4. www.cnbc.com — Oil today: Iran, US, crude, wti, brent, trump
    5. CNBC — Australia hikes rates to 18-year high to fight inflation
    6. News.com.au — AUSSIES HIT WHERE IT HURTS: RBA makes seismic call on rates
    7. Bloomberg.com — Australia Raises Key Rate to 18-Year High in Split Decision
    8. The Guardian — RBA interest rates live updates: Reserve Bank of Australia hikes rate to 4.85% in blow to mortgage holders – latest news
    9. Reserve Bank of Australia — Statement by the Monetary Policy Board: Monetary Policy Decision | Media Releases
    10. Financial Times — Australia raises rates to highest level since 2008 financial crisis
    11. ABC News & Headlines – Australian Broadcasting Corporation — Tough Christmas looms as rates and inflation hit household budgets
    12. The Guardian — RBA interest rates live updates: Reserve Bank of Australia announces cash rate hike to 4.85% after meeting today – latest news
    confidence 90%
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