Australia news live: Bullock says interest rates will be hiked again ‘if that’s what’s needed’; Angus Taylor says ‘this is a dark day’ after RBA decision

The Reserve Bank of Australia (RBA) has decided to hike interest rates again, with Governor Philip Lowe stating that further increases will be made if necessary to control inflation. This decision is significant for the Australian economy, as it aims to balance full employment with price stability. The RBA's dual mandate is to maintain both full employment and low inflation, and this rate hike is a step towards achieving that goal.

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The RBA is signalling further tightening to control inflation. This could lead to higher borrowing costs and slower economic growth.

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