Bullock Speech: RBA Governor speaks on policy outlook after the expected interest rate hike

Live updates

1. 1h ago

   RBA Hikes Rates to 15-Year High of 4.6pc

   The Reserve Bank of Australia raised its official cash rate by 25 basis points to 4.6 per cent, reaching a 15-year high. The move marks the fourth rate increase this year as the central bank fights stubborn and sticky inflation. Economists polled by Reuters had widely expected the 25 basis point adjustment. Reserve Bank of Australia Governor Michele Bullock addressed a press conference following the unanimous decision by the monetary policy board, explaining the rationale behind the policy tightening and outlining the broader economic policy outlook.

   Why it matters

   The central bank acted as fears surrounding persistent inflation began to materialize within the domestic economy. The latest policy shift pushes Australian borrowing costs to levels not seen since 2011. Analysts noted that the RBA faced intense pressure to maintain tightening measures as foreign currency pressures compounded local pricing challenges.

   What is confirmed

   • The Reserve Bank of Australia raised the official cash rate by 25 basis points to 4.6 per cent.
   • The rate hike was the fourth increase implemented by the central bank this year.
   • The 25 basis point increase matched expectations held by economists polled by Reuters.
   • The monetary policy board made the decision to lift rates unanimously.
   • Reserve Bank of Australia Governor Michele Bullock hosted a press conference to explain the decision.

   Still unconfirmed

   • Angus Taylor described the rate hike as a dark day for borrowers.

   What to watch next

   • Further commentary or policy signals from Reserve Bank of Australia Governor Michele Bullock
   • Upcoming economic data releases regarding Australian inflation and consumer spending
   Sources used for this update (19)

   1. Yahoo Finance Australia — Why today's interest rate hike is different and will hit almost everyone
   2. CNBC — Australia raises benchmark rates to 15-year high as it fights sticky inflation
   3. rba.gov.au — Statement by the Monetary Policy Board: Monetary Policy Decision | Media Releases
   4. ABC News & Headlines – Australian Broadcasting Corporation — The RBA has no choice but to hike rates as US currency crown slips
   5. ABC News & Headlines – Australian Broadcasting Corporation — Live: RBA hikes interest rates to 4.6pc in fourth rate rise this year
   6. theguardian.com — Australia news live: Angus Taylor says ‘this is a dark day’ after RBA hikes official cash rate to highest level since 2011
   7. FXStreet — Bullock Speech: RBA Governor speaks on policy outlook after the expected interest rate hike
   8. aljazeera.com — Australia raises interest rates to 15-year high
   9. SBS — After the latest rise, Australia's rates are topped by this one country
   10. SMH.com.au — To avoid another rate rise, things might have to get worse
   11. ABC News & Headlines – Australian Broadcasting Corporation — VIDEO: The Reserve Bank increases interest rates
   12. The Guardian — Australia investigating reports of human rights activist detained in Vietnam – as it happened
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