Breaking: RBA raises interest rates to 4.85%, highest in 18 Years

Thank you for joining our live coverage of the Reserve Bank of Australia (RBA) monetary policy board’s second-last meeting of the year. The RBA has raised the cash rate target to an 18-year high of 4.85%.Jump to key updates4:14pm RBA: “People will feel like it’s a recession” 4:02pm Governor Bullock: RBA “is very uncomfortable” 2:59pm RBA split over today’s cash rate hike 2:30pm RBA hikes the cash rate to 18-year high of 4.85% 1:47 pm Big four banks say RBA will hike the cash rate 1:17pm Economist prediction: RBA to hike rates The RBA has increased the cash rate to 4.85%, the highest level in 18 years. RBA governor Michele Bullock is addressing media at a press conference. Picture: NewsWire / Christian GillesThank you for joining us for today’s RBA decision4:30pmThank you for following along with our afternoon coverage of today’s Reserve Bank MPB meeting. To recap, the board has decided to increase the cash rate by a further 0.25%, bringing it to an 18-year high of 4.85%.Governor Michele Bullock has attributed the hike to Australia's own inflation problems rather than the Iran War, noting the domestic issues are being viewed in hindsight as worse than initially thought.Today’s decis...