Sarah Hunter

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RBA raises cash rate to 18-year high, signals more hikes ahead

Says the bank has 'not quite yet' done enough to bring inflation under control

The Reserve Bank of Australia raised its benchmark cash rate by a quarter point to 4.85% on November 3, the fifth increase this year and the highest level since 2008. The bank cited persistent inflation and rising energy costs linked to the Iran war.

Updated Nov 3