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The Guardian - AU
The Guardian - AU
Comment
Isaac Gross

We know rate hikes lead to higher mortgage payments – but they affect Australia’s economy in myriad other ways

RBA Economy Australia Inflation Interest Rates Reserve Bank of Australia
People walk out of the Reserve Bank of Australia building in Sydney
‘Before the RBA’s meeting, there was some concern that it might pause rate adjustments due to political pressure. However, this was always a needless worry.’ Photograph: Mark Baker/AP

The Reserve Bank of Australia has announced a Melbourne Cup Day rate hike, lifting the cash rate target to 4.35%, marking the 12th increase since the pandemic and the highest interest rate in 12 years.

What prompted the RBA’s decision? The answer in a single word is inflation.

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