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2026-11-02 04:06:24
Australia is poised for its fifth interest rate hike of 2023, further escalating its efforts to curb inflation. The Reserve Bank of Australia (RBA) is highly likely to implement its fifth rate hike this year to suppress persistently high inflation. Currently, the country's inflation rate is relatively high among developed economies. Most economists predict that the RBA's nine-member board will raise the cash rate by 25 basis points to 4.85%, a 18-year high since 2005. The RBA's inflation target range is 2%-3%, but the country's inflation data has consistently exceeded the upper limit of this range for an extended period. Failure to bring inflation back to the target range will damage the central bank's hard-won policy credibility.
