30/11/2022
The Reserve Bank of Australia has raised the cash rate by 25bps to 2.85% inline market forecasts.
This is the seventh straight rate hike, taking borrowing costs to a level not seen since April 2013.
The RBA board mentioning further rate hikes will be needed as inflation in Australia is too high and inflation will peak around 8%.
Inflation is expected at around 4.75% in 2023, and circa 3% in 2024.
The board reiterated that it remained resolute to bring inflation to target levels (between 2-3%) and will do what is necessary to achieve that.
