Interest rates jump to 15-year high

The Reserve Bank has raised interest rates to a 4.6 percent level, marking the highest in 15 years. This unanimous decision is set to burden homeowners with higher borrowing costs. The move likely reflects efforts to tackle inflation and stabilize the economy, but it could slow consumer spending and impact household budgets significantly. This rate hike is a crucial signal of the central bank's commitment to economic control, but it also poses risks for economic growth in the near term.