RBA raises cash rate to 15-year high

The Reserve Bank has raised the official cash rate to 4.6%, marking the highest level in 15 years. This move aims to tackle persistent inflation and stabilize the economy. By increasing rates, the bank seeks to curb spending and cool down the housing market, which has been experiencing rapid growth. This decision could have significant implications for consumers, as higher borrowing costs may lead to reduced spending and potentially slower economic growth.