Australia raises rates to highest level since 2008 financial crisis

The RBA has increased interest rates to their highest level in 18 years, marking the fifth hike this year. This decision follows persistent inflation levels that remain above the target. The RBA governor stated that the central bank's latest forecast indicates economic growth is slowing markedly. This policy shift brings rates to their peak since the 2008 financial crisis, as the institution attempts to manage economic stability and curb rising costs across Australia.