RBA tightens policy to 18-year high
Governor says hike targets domestically driven inflation rather than direct effects of oil price rises
The Reserve Bank of Australia has tightened policy today for the fifth time this year and forecast that inflation will not return to its target before mid-2028.
RBA governor Michele Bullock said today (November 3) that the bank’s board had voted 6–3 in favour of raising the benchmark interest rate by 25 basis points to 4.85%, with the dissenting board members calling for a hold. The decision had been expected by observers and marked the RBA’s fifth hike this year, bringing the policy rate to its
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