Story details
The Reserve Bank of Australia’s Monetary Policy Board raised the cash rate target by 25 basis points to 4.60% on 29 September. It said inflation remained elevated, recent Australian inflation readings had exceeded expectations and some upside risks identified in August were materialising.
The RBA pointed to renewed disruption to global oil supply, higher energy costs and domestic capacity pressures. The decision was unanimous. The Board said it would continue to assess incoming data and could raise rates further if needed to return inflation sustainably to target.