The Reserve Bank of Australia raised its benchmark interest rate for the fifth time this year to bring inflation back to the target.
The board, governed by Michele Bullock, voted 6-3 to lift the cash rate target by 25 basis points to 4.85 percent on Wednesday, as widely expected.
The bank has raised its key rate by 125 basis points so far this year.
"Given the revised inflation outlook and the continuing upside risks, the Board judged that a further tightening in financial conditions is warranted to support the return of inflation to target," the bank said in a statement.
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Business News
October 30, 2026 14:47 ET The final week of October was busy as major central banks took the centre stage to announce their latest policy decisions, while the ECB had more revelations in store. Apart from the central bank action, the U.S. economics news flow was dominated by the third quarter GDP estimates and price data. Europe and the Asia-Pacific also saw the release of the flash estimates for third quarter economic growth from several economies during the week.