RBA raises interest rate to seven-year high

Reserve Bank of Australia
Photo: Alex Towle

The Australian central bank today (September 6) raised its benchmark interest rate for the fifth consecutive month to contain inflation, taking the cash rate to 2.35% – the highest level since February 2015.

The Reserve Bank of Australia’s widely expected 50 basis point hike was the fourth increase of that size in a row.

The nine-member RBA board also lifted the interest rate on exchange settlement balances by 50bp to 2.25%. The balances are used by payment providers to settle payments.

Annua

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