RBA Raises Cash Rate By 25bps To 4.85% In 6-3 Vote; Three Members Favoured Hold At 4.60%

Inflation Elevated And Broad-Based; Outlook Revised Materially Higher - Inflation Expected To Remain Elevated Through Much Of 2027, Reaching Top Of 2% 3% Target Range Only In Late 2027 - Board Will Do What It Considers Necessary To Return Inflation Sustainably To Target - Domestic Capacity Pressures Judged A Little Tighter Than Previously Thought - Policy Well Placed To Respond To Developments; Board Focused On Price Stability And Full Employment - Board Conscious Of How Long Inflation Has Been Too High