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The Guardian - AU
The Guardian - AU
National
Kris Swales

Afternoon Update: RBA hikes cash rate; Ley’s Coalition peace proposal; and Mark of Cain singer comes out as trans

Coalition Bill Shorten Labor
Aerial view of Melbourne houses
The central bank has raised the official cash rate to 3.85% in a blow to mortgage holders. Photograph: Jesse Thompson/Getty Images

Good afternoon.

The Reserve Bank has hiked rates for the first time in more than two years. The central bank announced the cash rate would lift to 3.85%, from 3.6%, after an unexpected jump in inflation through the second half of 2025.

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