RBA Raises Interest Rate to 4.85% in Split Vote
The Reserve Bank of Australia raised its interest rate to 4.85%. A split vote hints that the increase may be the last, while the supplied body says underlying inflation was 3.7% year-on-year in the September quarter.
Going into today's meeting, the debate wasn't so much whether the RBA would hike, but whether it would be the last. RBA officials had spent weeks warning inflation was too high, and last week's data delivered the proof: underlying inflation of 3.7% p.a. in the September quarter, well above the RBA'…