- The Reserve Bank of Australia raised its cash rate target by 25 basis points to 4.85% in a 6-3 majority decision, with three members voting to hold.
- The hike is the fifth increase this year and lifts the cash rate to its highest level since 2008.
- The move matched market expectations and extends what Bloomberg describes as the developed world's most aggressive tightening cycle.
- Inflation remains above target, and policymakers are still struggling to bring it back to the target range.