Australia news live: Bullock says interest rates will be hiked again ‘if that’s what’s needed’

Australia news live: Shoebridge doesn’t rule himself out of Greens leadership race; RBA interest rates decision expected Statement by the Monetary Policy Board: Monetary Policy Decision | Media Releases rba.gov.auThe RBA just raised rates.

Official response and confirmed impact

It affects more than just your home loan ABC News & Headlines – Australian Broadcasting CorporationRBA hikes interest rates to 4.6 per cent in 15-year high SMH.com.auInterest rates decision LIVE updates: Millions of Aussies bracing for the worst as RBA to hand down call Nine.com.au

The RBA’s rate-setting board, in its statement accompanying its decision today, has warned its fears about inflation were coming to fruition and it is ready to lift interest rates again.

The nine-member unanimously voted to lift rates to 4.6%, showing stronger resolve than ANZ and Westpac had forecast (each predicted a split vote).

It singled out a broadening Middle East conflict and strong AI-related demand for pushing up prices globally.

Locally, inflation was higher than the RBA expected and businesses were either lifting their prices or looking to do so.

The board said higher fuel prices were partially being passed on to prices of other goods and services and it was possible the ongoing US war on Iran could push inflation still higher and drag global economic activity even lower.

The RBA has already lifted interest rates three times this year.