RBA interest rates live: Reserve Bank of Australia meeting today before cash rate decision and announcement – latest news

The Reserve Bank of Australia has increased the official cash rate from 4.6% to 4.85%, reaching the highest level since 2008. This fifth hike this year aims to control surging inflation, which reached 4.3% in the year to September, amidst a global oil shock. Simultaneously, Treasurer Chalmers stated the government is reviewing spending pressures and savings options for the mid-year budget update, noting that savings have been identified in all eight previous budget updates to date.