Reserve Bank of Australia raises cash rate to 4.60%

Reserve Bank of Australia raises cash rate to 4.60%, the highest since 2011, amid inflation and labour market concerns

The Reserve Bank of Australia has increased the cash rate by 25 basis points to 4.60%, marking the highest level since 2011.

This decision reflects ongoing concerns about inflation and a tight labour market, and it was anticipated by markets and banks.

Borrowers on variable-rate mortgages will face higher repayment costs, adding pressure on the Albanese government over living expenses.

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