Bullock doesn’t see ‘economy cracking at this point’ – as it happened

The Reserve Bank of Australia (RBA) has raised its cash rate for the fifth time this year, increasing it from 4.6% to 4.85%. This move is aimed at controlling inflation, which has been rising due to global factors such as the ongoing oil shock triggered by the war in the Middle East. The decision will likely affect mortgage holders, who may see their interest rates increase, making it more expensive for them to borrow money.

Why it matters

The Reserve Bank of Australia has raised interest rates, which will increase borrowing costs and may slow down the economy. This could lead to a decrease in consumer spending and investment, negatively impacting Australian assets.

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