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The RBA is trying to bring inflation down to 2-3 per cent. (ABC News: Daniel Irvine)
The Reserve Bank's Monetary Policy Board has lifted interest rates by 0.25 percentage points.
It lifts the cash rate target to 4.60 per cent, up from 4.35 per cent. It is the highest rate since late 2011.
The Bureau of Statistics will release its September inflation data tomorrow.
The Reserve Bank has lifted interest rates to their highest level in 15 years.
It has increased rates by 0.25 percentage points, which lifts the cash rate target to 4.6 per cent, up from 4.35 per cent.
It will be a blow to home owners with large mortgages. It is also the highest cash rate millions of households have faced since taking on a mortgage after 2011.
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And US President Donald Trump said he had not discussed selling arms to China, contradicting a suggestion made by his ambassador to Beijing. “I never heard of that,” the president told reporters in the Oval Office overnight.
Treasurer Jim Chalmers has refused to say whether he is predicting another rate rise this year from the Reserve Bank, after interest rates increased to their highest level in 15 years.
“Obviously, I’m not going to make predictions or try and pre-empt decisions that the Reserve Bank will consider, you know, in the months or the years ahead. I think most Australians will be doing their best to digest the information that’s been provided by the Reserve Bank in the last half hour or so, 40 minutes or so,” Chalmers said.
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The Reserve Bank of Australia has confirmed its fourth interest rate rise of 2026, increasing the cash rate target to 4.60 per cent.
The increase of 25 basis points from the previous mark of 4.35 per cent takes interest rates to their highest level in 15 years.
Use our mortgage calculator below to see the likely impact of the rate rise on your loan repayments. On a 25-year loan of $600,000 at 6.50 per cent, your mortgage would cost an extra $93 each month.
You can change all the inputs to match your loan amount, term length and agreed interest rate below.
Calculations are based on monthly fixed interest rate increases on the principal loan amount, excluding requisite monthly repayments, adjustments to repayment amounts, or additional repayment instalments.
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