RBA raises cash rate to 15-year high
The Reserve Bank of Australia raised the official cash rate by 0.25 percent to 4.6 percent, marking the fourth increase of the year and bringing rates to their highest level in 15 years. The RBA board unanimously supported the decision, citing persistently high inflation and indicating the possibility of further rate hikes. The Australian share market initially declined following the announcement but recovered to close in positive territory, with technology stocks performing particularly well. This market update is sponsored by CommSec.
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